Multiple Choice
Terrence has invested $10 000 to become a limited partner in Bede Limited Partnership.Bede Management Co is the general partner in Bede Limited Partnership.Ogruk is the sole shareholder of Bede Management.Which of the following is TRUE?
A) Terrence can never be liable for more than the $10 000 he has invested.
B) Bede Limited Partnership can never be liable for more than the total amount invested by all limited partners.
C) Terrence is prohibited from taking control of Bede Limited Partnership.
D) Terrence is prohibited from providing management advice to Bede Limited Partnership.
E) Terrence could work for Bede Limited Partnership as the office manager of Bede Management Co and he might not lose his limited liability,but he must be cautious concerning the control he exercises over the limited partner's business.
Correct Answer:
Verified
Correct Answer:
Verified
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