Which of the following is available both to owners of stock and owners of limited partnership participations?
Answer(s): B
a share in the profits from earnings. Both shareholders and limited partners share in the profits from earnings.
Which of the following activities by a limited partner may subject the partner to unlimited liability?
Answer(s): D
all of the above. Each of these actions by a limited partner causes the loss of limited liability.
Partnership democracy is:
Answer(s): C
permission granted to the general partner to act outside the partnership agreement. The limited partners may approve of the general partner pursuing an act that is contrary to the partnership agreement.
Which of the following is not prohibited of a general partner?
accepting compensation from any other partnership. A general partner may be the partner is more than one partnership.
As a general rule, when a partnership is terminated, in what order are assets distributed?
secured lenders, general creditors, limited partners, general partners. Creditors first, in order of their security, then partners. General partners are last.
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