Which of the following accurately describes a limited partner in a partnership? A partner who is...

Which of the following accurately describes a limited partner in a partnership?

A partner who is not personally liable for partnership debts beyond the amount of money or other property that the partner contributed to the partnership.

A partner who is personally liable for partnership debts.

A partner who can act on behalf of the business without the knowledge or permission of the other partners.

A partner who participates in the daily running of the business or in making business decisions.

Solutions

Expert Solution

Answer)A partner who is not personally liable for partnership debts beyond the amount of money or other property that the partner contributed to the partnership.

In an LLP, while the LLP itself will be liable to the full extent of its assets, the liability of its members will be limited. Partners in an LLP will not be responsible for another partner’s debts, obligations, or liabilities resulting from negligence, malpractice or misconduct.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which of the following accurately describes a general partner in a partnership?

Which of the following accurately describes a general partner in a partnership?A- A partner who is personaly liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership.B- A partner who is personally liable for the partnership's nonrecourse loans.C- A partner who is personally liable for partnership debts.D- A partner who adheres to generally accepted accounting

Which of the following accurately describes a hypothesis test

1. LP is a limited partner in a newly formed partnership which is engaged in the...

1. LP is a limited partner in a newly formed partnership which is engaged in the following activities: (i) A research and development activity to which LP contributed $10,000 cash; LP’s share of partnership nonrecourse liability attributable to this activity is $10,000. LP’s share of loss from the research and development activity is $12,000 for the current year. (ii) A motion picture production activity to which LP contributed $20,000 cash; LP’s share of income from this activity for the current...

Which of the following accurately describes the circumstances in which an individual is considered to be...

Which of the following accurately describes the circumstances in which an individual is considered to be a resident of Canada? Question 1 options: 1) When the individual is a citizen of Canada 2) When 90% or more of the individual's income originates in Canada 3) When the individual maintains a continuing state of relationship with Canada 4) When the individual is domiciled in Canada for more than 3 months of the year

.Passive loss rules do NOT apply to a limited partner who meets which of the following...

.Passive loss rules do NOT apply to a limited partner who meets which of the following material participation tests? Participation for more than 500 hours in the activity during the year. Material participation in the activity for any five of the ten tax years immediately preceding the current year. If the activity is a personal service activity, material participation in that activity for any of the three preceding tax years. All of the above.

Which of the following accurately describes a step a paid tax prepare

Which of the following accurately describes a step a paid tax preparer should take when assisting a taxpayer who is applying for an ITIN?A.)Complete Form 8867, Paid Preparer's Due Diligence Checklist.B.)Notarize copies of the taxpayer's supporting documents.C.)Prepare the federal tax return for which the ITIN is needed and include it in the ITIN packet.D.)Prepare a separate ITIN packet for each family member listed on the return.

1) Which of the following accurately describes the role of the critical value? A) If the...

1) Which of the following accurately describes the role of the critical value? A) If the calculated value is greater than the critical value, we can conclude that there is a relationship between the two variables. B) The critical value for a particular hypothesis test depends on the number of degrees of freedom. C) If the calculated value is less than the critical value, we cannot reject the null hypothesis. D) All of the above. 2) Which of the following...

Which one of the following statements accurately describes a home loan modification?

Which one of the following statements accurately describes a home loan modification? The seller of indebted property reduces the sales price before the close date. Secured property is repossessed to fulfill a loan in default. The borrower works out an agreement with the lender reducing the loan balance. The borrower sells property secured by a loan in default before a repossession takes place.

Which of the following characteristics accurately describes an audit? A) Fraudulent activities are always discovered by...

Which of the following characteristics accurately describes an audit? A) Fraudulent activities are always discovered by auditors B) Provides absolute assurance to the users of the financial statements C) All transactions of an organization are reviewed D) Obtains sufficient appropriate evidence to reduce risk to an acceptably low level. C and D makes sense. Which one is correct?

Which of the following statements accurately describes the outcome of assuming that markets are perfectly competitive,...

Which of the following statements accurately describes the outcome of assuming that markets are perfectly competitive, that there are no taxes, that companies and individuals can borrow at the same interest rate, that there are no costs associated with liquidation or financial difficulty, and that companies' investment policies are not affected by their financing decisions? a. As the level of leverage increases - the company's cost of capital is not affected as any advantage associated with switching from relatively expensive...

Subjects