Which of the Following Statements About LLLPs Is False

question 50

Multiple Choice

Which of the following statements about LLLPs is false?

• A)It may be created only in accordance with a statute.
• B)A general partner has no right to manage the business or to act as its agent.
• C)Limited and general partners share the profits in relation to their capital contributions.
• D)General partners are fiduciaries of the business.

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Definitions:

Consumer Surplus

The divergence between the total payment consumers are willing to make for a product or service and what they really pay.

Demand Increase

A situation where consumers are willing and able to purchase more of a product or service at each price level, often caused by changes in tastes, income, or prices of related goods.

Consumer Surplus

The separation in monetary terms between what consumers are willing to pay for a good or service and their final payment amount.

Cost of Producing Chairs

The total expenses incurred in the manufacturing of chairs, including materials, labor, and overhead costs.