Which Statement Is True Regarding Any Responsibility James Has to Share

question 51

Multiple Choice

Which statement is true regarding any responsibility James has to share in losses?

• A)James has liability for losses only if the general partners are insolvent.
• B)James has no liability for losses at all.
• C)James has a legal obligation to share equally in losses with the general partners.
• D)James would be responsible for one-half of any losses with the two general partners having liability for the other half.
• E)James assumed no liability for the partnership beyond the capital he invested.

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Definitions:

Past Three Years

A term referring to the most recent three-year period for which records or data are available.

Voltage Spikes

Sudden, brief increases in voltage in an electrical circuit, which can potentially cause damage to electronic devices.

Current Overloads

Situations where electrical current exceeds the maximum limit of a circuit, potentially causing overheating or damage.

Reverse Voltage

The voltage applied in the opposite direction of the normal flow in a diode or semiconductor, which can potentially cause damage.