Which of the Following Are Characteristics of a Limited Partnership

question 48

Multiple Choice

Which of the following are characteristics of a limited partnership?

• A) Limited partners may not participate in the management of the limited partnership.
• B) There must be one or more general partners.
• C) General partners have unlimited liability.
• D) all of the above

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Definitions:

Federal Income Tax

The tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.

Dividend Income

Earnings distributed to shareholders from a portion of the company's earnings.

Rental Income

Earnings received from renting out property or equipment, often considered a stable source of income.

Additional Debts

Any debts incurred by a company or individual in addition to their existing debt, potentially affecting their creditworthiness.