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:

Red Background

The use of a red hue in a backdrop, which can evoke strong emotions or draw attention.

Unattractive Faces

Faces that are generally considered by societal standards to be less appealing or aesthetically pleasing.

Ratings

Evaluations or assessments of something, typically in terms of quality, quantity, or some combination of these factors.

Reciprocal Exchange

A mutual exchange of goods, services, or social favors between two or more parties.