In a Limited Partnership, Limited Partners May

question 76

Multiple Choice

In a limited partnership, limited partners may

• A)make managerial decisions for the firm.
• B)have private property seized to pay off the firm's outstanding debts.
• C)trigger a dissolution of the firm if they withdraw their participation.
• D)none of the above

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Definitions:

Behavioral Ideals

Principles or standards of behavior considered desirable or exemplary within a society or group.

Ethics

Refers to a set of behavioral ideals or moral principles that guide us in determining right and wrong. We can think of these ideals and principles as a set of core values and beliefs.

Ethical Duty

A moral obligation to act in accordance with ethical principles or standards.

Separation of Church and State

The principle that government must maintain an attitude of neutrality toward religion and not endorse or support any particular religion.