Identify Which of the Following Statements Is True

question 96

Multiple Choice

Identify which of the following statements is true.

• A)All of the partners in a limited partnership have limited liability.
• B)A limited partnership must have at least two general partners.
• C)A limited partnership cannot have a corporate general partner.
• D)All of the above are false.

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Definitions:

Assignee

A person or entity to whom a contract or legal right is transferred.

Statute of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by all parties to be legally enforceable.

Fraudulent Contracts

Agreements made with the intent to deceive or defraud others, lacking honesty and legality.

Federal Level

Pertaining to the national government of a country, as opposed to state or local levels.