Asked by
Marie Mcgrew
on Dec 20, 2024
Verified
A limited partner's financial obligation to the partnership may be increased if:
A) the limited partner acts as agent for a competing partnership.
B) the limited partner takes active part in the management of the partnership.
C) the certificate of limited partnership is incorrect or incomplete.
D) The limited partner takes active part in the management of the partnership or the certificate of limited partnership is incorrect or incomplete.
Financial Obligation
A legal requirement to pay debt or fulfill financial contracts or agreements.
Competing Partnership
A business arrangement where partners are involved in separate ventures that directly compete with each other.
Active Part
The involvement or engagement in activities or actions, often implying a significant role in the process or outcome.
- Comprehend the accountability of limited partners in relation to the obligations of a partnership.
- Comprehend the legal prerequisites for setting up and operating Limited Liability Partnerships, along with the norms governing partners' contributions and distributions.
Verified Answer
AG
Learning Objectives
- Comprehend the accountability of limited partners in relation to the obligations of a partnership.
- Comprehend the legal prerequisites for setting up and operating Limited Liability Partnerships, along with the norms governing partners' contributions and distributions.
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