Match Each Statement with the Correct Term Below

question 62

Multiple Choice

Match each statement with the correct term below.
-limited partner

• A)An association of two or more persons to carry on as co-owners a business for profit.
• B)An organization has a legal existence separate from its members.
• C)Member of a limited partnership with liability for its debts only to the extent of her capital contributions and with no right of control of the business.
• D)Total money and property contributed by the partners for permanent use by the partnership.
• E)Duty of utmost loyalty, fairness, and good faith owed by partners to each other and to the partnership.
• F)Duty owed by partners to manage the partnership affairs without gross negligence, reckless conduct, intentional misconduct, or knowing violation of the law.
• G)Right one has to choose his partners.
• H)Any partner's ceasing to be associated in the carrying on of the business.
• I)Judicial lien that may be obtained against a partner's transferable interest in a partnership.
• J)Completing unfinished business, collecting debts, and distributing assets; also called liquidation.
• K)Sum of all partnership's assets, including all property acquired by a partnership.
• L)A general partnership that, by making a statutorily required filing, limits liability of its partners.
• M)A partnership formed by two or more persons under the laws of a state and having one or more general partners and one or more limited partners.
• N)An unincorporated business organization that provides limited liability to all of its owners and permits all of its members to participate in management.
• O)A group of individuals not having a legal existence separate from that of its members.
• P)Under the UPA, the change in relation of partners caused by any partner's ceasing to be associated in the carrying on of the business; under the RUPA, situations requiring a partnership to wind up and terminate.

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