Which of the Following Is True of Limited Partners in a Limited

question 63

Multiple Choice

Which of the following is true of limited partners in a limited partnership?

• A)They have limited liability for the debts of the business but their potential for profits is unlimited.
• B)They usually have first claim to profits and losses made by the business.
• C)They assume the same operational duties as that of the general partner.
• D)They have to assume a liability beyond their contribution in the business in the event of a bankruptcy.

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Definitions:

Carpal

Pertaining to the bones of the wrist.

Carp

Large group of freshwater fish that are found in most parts of the world, often noted for their ability to thrive in various water conditions.

Collagen

A structural protein found in the skin and connective tissues, important for strength and elasticity.

Mandibular

Pertaining to the mandible or lower jawbone.