Which of the Following Statements Best Describes Limited Partnerships

question 26

Multiple Choice

Which of the following statements best describes limited partnerships?

• A)In an LLP,there must be at least one general partner that is personally liable for the obligations of the partnership and has management responsibilities.
• B)There are no general or limited partners in an LP;each partner has the rights and duties of a general partner,but limited legal liability.
• C)The identifier LP or LLP need not be included in the name or identification of a limited partnership.
• D)If the presumption of control by the general partner can be overcome,the partner would account for its investment using the equity method of accounting.

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