A Financing Statement Is Effective for No More Than Five

question 84

True/False

A financing statement is effective for no more than five months from the date of filing.

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Definitions:

General Partner

An owner of a partnership who has unlimited personal liability and is involved in the everyday operations of the business.

Limited Partners

Individuals or entities that invest in a partnership without taking part in its management and are only liable up to the amount of their investment.

Dissociated Limited Partner

A person who has ceased to be involved in a limited partnership either through withdrawal, expulsion, or another mechanism outlined in the partnership agreement.

Management Powers

Refers to the authority given to managers or directors of a corporation or organization to make significant decisions in the day-to-day operations.