Which of the Following Is NOT True for Limited Partnerships

question 8

Multiple Choice

Which of the following is NOT true for limited partnerships?

• A) Only limited partners can manage the business.
• B) One general partner must exist who has unlimited liability.
• C) Only the name of general partners can appear in the name of the firm.
• D) Limited partners may sell their interest in the company.

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Definitions:

Wagner Act

An important piece of labor legislation in the United States that established the rights of employees to organize, bargain collectively, and strike.

Labor Laws

Regulations governing the relationship between employers and employees, including rights, obligations, and working conditions.

Union Representation

The act of a labor union representing the interests of its members, including bargaining for better wages, benefits, and working conditions.

First-Line Supervisors

Managers who are directly responsible for overseeing the work of entry-level or non-managerial employees.