If Jack Contributed $1000 as a Limited Partner, Signed a Certificate

question 3

Multiple Choice

If Jack contributed $1000 as a limited partner, signed a certificate, but the certificate was filed in the wrong office, Jack:

• A) will not be liable as a general partner if he quickly withdraws from the business and renounces future profits.
• B) is not a partner at all and may withdraw his contribution.
• C) cannot avoid liability as a general partner under any circumstances.
• D) may become a limited partner by giving constructive notice of the defective filing to all potential business contacts by an advertisement in a publication of general circulation.

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Definitions:

Nephropathy

Damage or disease affecting the kidneys.

Hydroureter

The dilation or swelling of the ureter due to the accumulation of urine, often resulting from obstruction or blockage.

Storing Urine

The function of the urinary bladder, which is to hold urine until it is excreted from the body.

Urinary Bladder

A hollow muscular organ in the pelvic area of the body that collects urine excreted by the kidneys before disposal by urination.