In Which of the Following Ways Does a Limited Partnership

question 138

Multiple Choice

In which of the following ways does a limited partnership differ from a general partnership?

• A)In a limited partnership,the general partner has an unlimited personal liability in the partnership;whereas in a general partnership,all partners have same level of personal liability.
• B)In a limited partnership,all the partners make an equal contribution to the daily operations;whereas in a general partnership,the general partner assumes a greater responsibility of the operation.
• C)In a limited partnership,there will be only one class of partners named limited partners;whereas in a general partnership,there will be only one class of partners named general partners.
• D)In a limited partnership,each partner is not personally liable for the malpractice committed by another partner;whereas in a general partnership,only the general partner is personally liable for the malpractice committed by another partner.

---

Definitions:

Reagan Administration

The period of U.S. presidency under Ronald Reagan, from 1981 to 1989, known for its conservative policies, economic reforms, and efforts to end the Cold War.

Tax Cuts

Reductions in the amount of taxes imposed by a government on individuals or entities, typically aimed at stimulating economic growth or achieving other policy objectives.

Aggregate Demand

Represents the total demand for all goods and services in an economy at various price levels, within a specific time frame.

Stagflation

A contraction, or stagnation, of a nation’s output accompanied by inflation in the price level.