According to the RULPA, What Liability Does a Corporation Have

question 27

Multiple Choice

According to the RULPA, what liability does a corporation have if it is a general partner to a limited partnership?

• A) unlimited personal liability
• B) liability restricted to debts up to its capital contributions
• C) liability of termination as partner
• D) unlimited organizational capital liability

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Definitions:

First-In, First-Out Method

An inventory valuation method where goods are sold in the order they are acquired or manufactured.

Equivalent Units

A concept in cost accounting used to assign a cost to partially completed goods, converting them into the amount of completed units' costs.

Conversion Costs

The costs directly associated with converting raw materials into finished products, typically including labor and manufacturing overhead.

Assembly Department

A production area focused on assembling parts or components into finished goods.