Asked by
nidhi guleria
on Nov 01, 2024
Verified
When forming a limited partnership,it is critical to know that:
A) general partners have limited liability for the firm's debts.
B) a certificate of limited partnership must be filed with the Secretary of State's office.
C) limited partners are participating investors.
D) general partners can only take a limited part in the management of the firm.
Certificate of Limited Partnership
A legal document that formalizes the establishment of a limited partnership in accordance with state laws.
Secretary of State's Office
The office responsible for a range of duties including managing state records, overseeing elections, and handling business registrations depending on the country or state.
- Understand the principle of limited liability and examine various forms of business organizations.
- Gain an understanding of how liability is distributed among partners in limited partnerships (LP) and limited liability partnerships (LLP).
Verified Answer
KK
Learning Objectives
- Understand the principle of limited liability and examine various forms of business organizations.
- Gain an understanding of how liability is distributed among partners in limited partnerships (LP) and limited liability partnerships (LLP).
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