Which of the Following Is True for Limited Partnerships

question 39

Multiple Choice

Which of the following is true for limited partnerships?

• A)Only limited partners can manage the business.
• B)All partners must have limited liability.
• C)General and limited partners can appear in the name of the firm.
• D)Limited partners may sell their interest in the company.

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Definitions:

Consolidated Statement

A financial statement that presents the assets, liabilities, and operating results of a parent company and its subsidiaries as one entity.

Shareholders' Equity

The portion of a company's assets that belongs to the shareholders after debts and liabilities have been settled.

ASPE Reporting Requirements

Refers to the standards and guidelines for financial reporting under the Accounting Standards for Private Enterprises in Canada, which cover financial statement preparation and presentation for private companies.

NCI

Stands for Non-Controlling Interest, which is a portion of the equity in a subsidiary not owned by the parent company, reflecting minority shareholders' interest in the subsidiary's net assets and income.