Which of the Following Statements Is TRUE About a Limited

question 123

Multiple Choice

Which of the following statements is TRUE about a limited partnership?

• A) The general partner takes on greater liability than the limited partners.
• B) The partners all share equally in the income or losses of the partnership.
• C) In a limited partnership, all partners are considered to be limited partners.
• D) The general partner has first claim on the income of the partnership.

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Definitions:

Belt

A flexible band or strap, typically made of leather or cloth and worn around the waist, to support or hold in clothing, carry weapons, or serve as a fashion item.

Shoes

Footwear items designed to protect and comfort human feet while offering support for various activities.

Lungs

Paired respiratory organs situated within the thorax of mammals and many other organisms, essential for breathing and exchanging oxygen and carbon dioxide.

Heart

A muscular organ in most animals, which pumps blood through the circulatory system by rhythmic contraction and dilation.