Briefly explain the liabilities of general and limited partners in a limited partnership
What will be an ideal response?
The general partners of a limited partnership have unlimited liability for the debts and obligations of the limited partnerships. Thus, general partners have unlimited personal liability for the debts and obligations of the limited partnership. This liability extends to debts that cannot be satisfied with the existing capital of the limited partnership. Generally, limited partners have limited liability for the debts and obligations of the limited partnership. Limited partners are liable only for the debts and obligations of the limited partnership up to their capital contributions, and they are not personally liable for the debts and obligations of the limited partnership.
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Mini-Case Question. After extensive market research, Aster Inc decides to enter the household appliances market. The firm launches a line of consumer electronics products, such as ovens and coffee grinders
Aster Inc is most likely to be using which of the following strategies? A) a vertical integration strategy B) a harvest strategy C) a monetize position strategy D) a diversification strategy E) a horizontal integration strategy
From the following information, compute cost of goods sold. Purchase returns $ 1,200 Inventory, December 31 2,500 Freight-in 1,100 Inventory, January 1 2,800 Purchases 15,000
A) $15,300 B) $15,200 C) $15,100 D) $15,000
Assessment questions seek to:
a. gain an admission. b. find out specific details related to the fraud. c. establish credibility of the respondent. d. obtain facts previously unknown.
Which of the following would not be included on a job cost report?
A) Marketing costs B) Direct labor costs C) Manufacturing overhead costs D) Direct materials cost