The Bundle of Legal Rights Over the Use to Which

question 126

Multiple Choice

The bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource are called _____ rights.

• A) civil
• B) political
• C) shareholder
• D) property
• E) public

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Definitions:

Limited Partners

Investors in a partnership who have limited liability to the extent of their investment but do not participate in management.

General Partners

Individuals in a partnership who are responsible for the management of the partnership, share the profits, and are personally liable for the partnership's debts.

Limited Partnership

A form of partnership consisting of at least one general partner who manages the business and is personally liable for debts, and one or more limited partners who contribute capital and share profits but have limited liabilities.

Control

Control refers to the power to influence or direct people's behavior or the course of events.