1. A limited partner will surrender his or her limited liability in all but which of the following circumstances?

Multiple Choice

a. A limited partner will surrender the limited liability if he or she does not comply in good faith with the filing of the certificate of limited partnership with the Secretary of State.

b. A limited partner will surrender the limited liability if he or she participates in the management of the partnerships funds.

c. A limited partner will surrender the limited liability if his or her liability is restricted to the amount of capital he or she invested in the business.

d. A limited partner will surrender the limited liability if his or her surname is used as part of the partnership name.

2. The RULPA is the law governing which of the following forms of business?

Multiple Choice

a. General partnerships.

b. Limited partnerships.

c. Corporations.

d. Sole proprietorships.

3. When a partnership rightfully dissolves, all the partners can do each of the following acts except _______.

Multiple Choice

a. demand the partnership be wound up.

b. immediately withdraw his or her share of partnership property.

c. participate in the process of winding up.

d. unanimously agree to continue the business of the partnership.

4. If a limited partner has invested $35,000 in the limited partnership and that business incurs a $100,000 debt, the limited partner cannot be held liable for more than what amount?

Multiple Choice

a. The limited partner is responsible for the full amount of the debt.

b. The limited partner is not responsible for any portion of the debt.

c. The limited partner is responsible for $35,000.

d. The limited partner is responsible for $50,000.