Which of the following is not prohibited of a general partner?
Answer(s): D
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?
Answer(s): C
secured lenders, general creditors, limited partners, general partners. Creditors first, in order of their security, then partners. General partners are last.
Which of the following will not result in termination of a limited partnership?
Answer(s): A
transfer of ownership of a limited partnership interest. Transfer of ownership does “not” result in automatic termination.
Creditors whose claims are not settled upon dissolution of a limited partnership may seek recourse from:
Answer(s): B
the general partner’s personal assets. When a partnership no longer has assets, but does have debts, creditors may look to the personal property of the general partner.
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