If a Partner Is a Limited Partner It Means That

question 52

Multiple Choice

If a partner is a limited partner it means that there are limits on his/her:

• A) right to share in profits and losses.
• B) liability for partnership debts.
• C) obligation to contribute capital.
• D) management rights.

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Definitions:

Subpoena

A legal document ordering someone to attend court as a witness or to produce documents as evidence.

Waste Disposal Company

A business specialized in the collection, transport, processing, or disposal of waste materials.

Internal Revenue Service

The U.S. government agency responsible for tax collection and tax law enforcement.

Enabling Legislation

A statute enacted by Congress that authorizes the creation of an administrative agency and specifies the name, composition, purpose, and powers of the agency.