A General Partner in a Limited Partnership

question 61

Multiple Choice

A general partner in a limited partnership:

• A)has less personal liability for the debts of the business than the limited partners.
• B)is the major shareholder and does not get involved in the daily business activities.
• C)has unlimited personal liability in the partnership.
• D)is the first owner to receive a share of profits and losses.

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Definitions:

Epicycles

In ancient astronomy, concentric spheres used to explain the irregular movements of planets in a geocentric model.

Mass

A property of physical objects that measures the amount of matter within them, often influencing how they interact with forces and each other.

Quantity of Matter

This term typically refers to the mass of an object or substance, indicating the amount of material present.

U.S. President

The elected head of state and head of government of the United States, serving as the country's chief executive officer.