Smith and Robersons Business Law Study Set 1
Quiz 32 :
Limited Partnerships and Limited Liability Companies
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Q35 Q35 Q35
A limited liability company is a form of unincorporated business association that blends the advantages of both general and limited partnerships, because all its members may have limited liability and all may participate in management and control without loss of limited liability.
Q66 Q66 Q66
The Elm Street Partnership is a limited partnership in which Arlo is the sole general partner and Barbara and Charles are the limited partners. Now the partnership is being dissolved, and Barbara wants her money. The partnership creditors include Charles for a $1,000 loan in addition to his capital contribution. In what order should the partnership assets be distributed?
Q68 Q68 Q68
Answer the following: (a) What is the liability of a limited partner who participates in the management or control of the partnership? (b) What activities can a limited partner perform without being considered to have taken part in control of the business under the RULPA? Under the RULPA, a limited partner who participates in the management or control of the business by exercising the powers of a general partner assumes the