Which of the following is not in the subscription agreement for a limited partnership offering?
Answer(s): C
granting of power of attorney to the limited partners. The other three choices are in the subscription agreement. Power of attorney is granted to the general partner, not the limited partners.
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:
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.
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