Which of the Following Is NOT True for a Limited

question 58

Multiple Choice

Which of the following is NOT true for a limited partnership?

• A)limited liability for its owners
• B)One general partner must exist who has unlimited liability.
• C)Only the name of general partners can appear in the name of the firm.
• D)Limited partners may sell their interest in the company.

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Definitions:

Interstate Agreements

Contracts or treaties between two or more states within a federation like the United States, often requiring federal approval.

Intrastate Agreements

Agreements or contracts that occur within the same state, subject to the state's laws and not impacting interstate commerce.

Chicago School

An economic viewpoint emphasizing free-market principles and the reduction of government involvement in the economy, especially noted for its influence in antitrust law.

Antitrust Enforcement

The regulation and enforcement of laws to promote competition and prevent monopolies and other practices that restrain trade.