In Which of the Following Ways Does a Limited Partnership

question 138

Multiple Choice

In which of the following ways does a limited partnership differ from a general partnership?

• A)In a limited partnership,the general partner has an unlimited personal liability in the partnership;whereas in a general partnership,all partners have same level of personal liability.
• B)In a limited partnership,all the partners make an equal contribution to the daily operations;whereas in a general partnership,the general partner assumes a greater responsibility of the operation.
• C)In a limited partnership,there will be only one class of partners named limited partners;whereas in a general partnership,there will be only one class of partners named general partners.
• D)In a limited partnership,each partner is not personally liable for the malpractice committed by another partner;whereas in a general partnership,only the general partner is personally liable for the malpractice committed by another partner.

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Definitions:

Political Subsystem

The political subsystem refers to the components and structures within a society that are responsible for decision-making, governance, and the implementation of laws and policies.

Imperative

is something that is considered necessary or of utmost importance.

Social System

An organized and interconnected set of social relationships and institutions that together form a cohesive network within a society.

Postulate of Indispensability

A theory suggesting that certain roles in society or social systems are so important that the individuals occupying them must be highly rewarded to ensure these positions are filled.