Was George Correct That a Limited Partnership May Be Created

question 23

Multiple Choice

Was George correct that a limited partnership may be created informally through an oral agreement?

• A) Yes, an oral agreement will suffice.
• B) George was partially correct. A written agreement is required, but only the general partners are required to sign it. Limited partners may agree orally.
• C) George was partially correct. A written agreement is required, but only the limited partners are required to sign it. General partners may agree orally.
• D) George was incorrect, and both general and limited partners must sign a certificate of limited partnership and file the certificate with the secretary of state.
• E) George was incorrect, and both general and limited partners must sign a document of partnership limitation that is kept on file in the primary business office of the limited liability partnership.

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Definitions:

World Supply

The total amount of a particular good or service that is available to consumers globally.

World Price

The global market price of a commodity, determined by supply and demand factors across all participating countries.

Market Equilibrium

A situation in economics where the quantity of goods supplied is equal to the quantity of goods demanded at a specific price.

Trade Restrictions

measures taken by governments to control or limit the trade of goods and services across their borders, such as tariffs and quotas.