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Exam 18: Limited Liability Companies and Limited Partnerships

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Question 21

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Lucy is a limited partner in Metro Contractors,a limited partnership,which cannot pay its debts.Lucy is personally liable for the debts

A) in proportion to the number of partners in the firm.
B) to no extent.
C) to the extent of her capital contribution.
D) to the full extent.

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Question 22

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In a limited partnership,with the exception of the right to participate in management,limited partners have essentially the same rights as general partners.

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Question 23

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Vasili is considering forms of business organization for Vasili's Designs,an architectural firm.An advantage of a limited liability partnership is that partners may be able to avoid personal liability for

Some states have passed laws prohibiting the withdrawal of limited partners from a limited partnership.

A limited liability company that has only one member cannot be taxed.

An assignment of the interest of a limited partner dissolves a limited partnership.

Jack and Kyra are partners in Law Firm,LLP,a limited liability partnership.Jack supervises Kyra,who negligently fails to appear in court on behalf of Milo,a client.Liability to Milo rests with

A limited liability partnership allows its partners to avoid personal liability for the malpractice of other partners.

In a limited liability limited partnership,the liability of a general partner is limited to the amount of capital he or she has invested in the partnership.

Energy Unlimited,LP,is a limited partnership to which its partners,including Fink,have contributed capital.Energy's creditors include Graves Engineering,Inc.On Energy's dissolution,its assets will be distributed to pay

Esteban and Florian want to form a limited liability company (LLC) to manage their business,Gordian Nuts.LLC statutes have been adopted in

Sustainable Café LLC is a limited liability company.Like any other LLC,unless Sustainable Café chooses otherwise,the firm will be taxed as

Location! Realty LLC is a limited liability company.Like other LLCs,for federal jurisdictional purposes,Location! Realty is most likely a citizen of

Coco is considering forms of business organization for her concessions business-Coco's Cupcakes.Most states require that a limited liability company have at least

A limited partner who gives a general partner advice on matters relating to the management of the partnership cannot be liable as a general partner.

A limited liability company must be managed by non-member managers.

Greta is a member of Hovercraft LLC.As a member,Greta is

Maury,Neil,and Ogden want to form a limited partnership to manage their Picture This photo studio.Their firm must have

A limited liability company as an entity is not liable for the wrongful acts or omissions of its members.

In a limited partnership,a limited partner has full responsibility for the partnership and for all its debts.