Multiple Choice
In which of the following ways does a limited partnership differ from a general partnership?
A) In a limited partnership,the general partner has an unlimited personal liability in the partnership;whereas in a general partnership,all partners have same level of personal liability.
B) In a limited partnership,all the partners make an equal contribution to the daily operations;whereas in a general partnership,the general partner assumes a greater responsibility of the operation.
C) In a limited partnership,there will be only one class of partners named limited partners;whereas in a general partnership,there will be only one class of partners named general partners.
D) In a limited partnership,each partner is not personally liable for the malpractice committed by another partner;whereas in a general partnership,only the general partner is personally liable for the malpractice committed by another partner.
Correct Answer:

Verified
Correct Answer:
Verified
Q18: The death of a partner dissolves the
Q39: When a partner sells his interest to
Q73: If a partner's capital account is credited
Q110: An asset received from a partner as
Q134: Bob and Bill allocate 2/3 of their
Q135: Which of the following is true when
Q139: Floyd and Merriam start a partnership business
Q142: Allan and Ralph are partners.Allan has a
Q143: Which of the following is true of
Q165: In a limited liability partnership,each partner is