Question: true or false 34. An LP is a partnership made up of two or more types of partners: at least one general partner and at

true or false

34. An LP is a partnership made up of two or more types of partners: at least one general partner and at least one limited partner. The general partner oversees and runs the business while limited partners do not partake in managing the business. However, the general partner of a limited partnership has unlimited liability for the debt of the LP, and any limited partners have limited liability up to the amount of their investment

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

The financial statements of JJ Ltd and KK Ltd for the year to 30 June 2023 are shown below: Statements of comprehensive income for the year to 30 June 2023 Statements of changes in equity for the...

Assume that Windsor Industries files a registration statement that contains material misleading representations regarding the financial health of the company. The parties involved in preparing the...

Answer these ASAP please in a limibed iability company, all members have limited personal iability and in exchange for that imied persona iability they are not allowed to participate in the...

8. In Pappas v. Tzolis, the New York Court of Appeals ruled that the defendant could not be held liable for breach of fiduciary duty because: A. He was a limited partner. B. The plaintiffs' own...

1.Which of the following would be necessary for a valid ratification by a principal of an agent's unauthorized transaction? A.The principal must ratify the entire transaction. B.The principal must...

1.Which form of compensation is a partner entitled to receive from a partnership? A.Reasonable salary for work performed. B.Fair market value for services rendered. C.A share of partnership profits....

Legally, a partnership must Group of answer choices have at least one general partner. designate a limited partner to be responsible for all debts of the partnership. not have any general partners....

Jack entered into a partnership with Lori. However, there was no partnership agreement communicated. In the absence of a partnership agreement, a partnership will be bound by the following default...

4) A sole proprietorship is not taxable as a separate entity; all profits or losses are reported and taxed as individual income. True False (2pts) 5) Which of the following is NOT a tax advantage of...

A limited partnership must have at least one general partner and one limited partner. Which of the following is FALSE regarding limited partners? They may benefit from pass - through taxation They...

landscape. Because partnership liability may arise even when the parties have not expressly agreed to form a general partnership, It is important for business owners and managers to understand...

Solve the heat equation Ou/dt = ko2u/dx2, 0 0 (L,t) = 0 t>0. (a) u(x, 0) = { 0 L/2 L 87x (c) u(x, 0) = -2sin (d) u(x, 0)=-3 cos

Add a subtype discriminator for each of the supertypes shown in Figure 3-10. Show the discriminator values that assign instances to each subtype. Use the following subtype discriminator names and...

Older holders are generally granted voting rights equal to those of common shareholders payments of both interest and dividends are tax deductible as business expenses unpaid, stock dividends can...

Please with clear explanation 10. Case study: Kings Fruit Farm In the 1920s Edward Filbert became the tenant of Kings Farm in Cambridgeshire. In 1978 his grandson James Filbert became the latest...