Partnership
6 practice questionsBusiness LawStep-by-step solutions
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1
In a limited partnership, a limited partner's liability is restricted provided they:
A.Manage day-to-day operations
B.Do not take part in management of the business
C.Own the most shares
D.Sign all contracts
2
In a general partnership, the partners' liability for the firm's debts is typically:
A.Limited to their capital
B.Unlimited and joint
C.Zero
D.Borne only by the senior partner
3
In a general partnership, the partners are:
A.Jointly liable for the firm's debts
B.Never liable for debts
C.Limited to their share capital only
D.Shielded by limited liability
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