a. Under a General Partnership, partners are liable only to the extent of their capital contributions....
a. Under a General Partnership, partners are liable only to the extent of their capital contributions.
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b. Under a Limited Liability Limited Partnership, the liability of all partners is limited to the amount of their investments in the firm.
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c. When a partner ceases to be associated in the carrying on of the partnership business, this is called:
- A. Joint and several liability
- B. A fiduciary duty
- C. Winding up
- D. Dissociation
d. Which of the following is a right that partners have in a partnership? - A. A right to an accounting of partnership assets or profits.
- B. A right to write checks on behalf of the partnership.
- C. A right to change the terms of the partnership agreement without approval of the other partners.
- D. None of the above.
Homework Answers
A. False
Explanation: In general partnership, each partner has unlimited personal liability.
2. True
Explanation: In a limited liability partnership, the liability of a partner is limited to the extent of the investment of the partner.
C. Disassociation
Explanation: In disassociation, a partner ceases to be associated with a firm.
D. Option A
Explanation: The partners have right to access the books of the business.
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