A limited partnership differs from an ordinary partnership byOhaving a limited number of partners.O having a limited number of customersO Including some partners whose liability is restricted to the amount that they invested in the firm.having unlimited liability for all partners.

"Limited" in limited partnership is used for the liability of the partners.

A limited partnership differs from an ordinary partnership by O having a limited number of partners. having a limited number of customers including some partners whose liability is restricted to the amount that they invested in the firm having unlimited liability for all partners.

A limited partnership differs from an ordinary partnership by O having a limited number of partners. having a limited number of customers including some partners whose liability is restricted to the amount that they invested in the firm having unlimited liability for all partners.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 5BCRQ

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Question

A limited partnership differs from an ordinary partnership by
Ohaving a limited number of partners.
O having a limited number of customers
O Including some partners whose liability is restricted to the amount that they invested in the firm.
having unlimited liability for all partners.

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A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partner
Which of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resources
What type of assets may a partner not contribute to a partnership? A. accounts receivable B. furniture C. equipment D. personal credit cards
Which one of the following would not be considered in the development of a partnership agreement? A. profit and loss levels B. processing disputes C. stock options D. asset contributions
Which of the following statements regarding limited partnerships is true? A) There is no limit on a limited partner's liability. B) A limited partner's liability is limited by the amount of their investment. C) A limited partner is not liable until all the assets of the general partners have been exhausted. D) A general partner's liability is limited by the amount of their investment.
How does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.