Which of the Following Is True Regarding the Revised Uniform

question 9

Multiple Choice

Which of the following is true regarding the Revised Uniform Limited Partnership Act (RULPA) ?

• A) Most states have adopted the 2001 version of the RULPA.
• B) The RULPA was originally adopted in 1958.
• C) The RULPA is static for the most part with few changes.
• D) The RULPA has been replaced in most states with the Reviewed Uniform Limited Partnership Act.
• E) Louisiana is the only state not to have adopted any version of the RULPA.

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Definitions:

Doing Business

The activities and actions involved in managing and operating a company or engaging in commerce.

Limited Liability

A legal principle where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership.

Articles of Incorporation

A document filed with a state government to legally establish a corporation.

Nonprofit Corporation

A nonprofit corporation is an organization established for purposes other than generating profit, often focused on charitable, educational, religious, or scientific endeavors.