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Describes the primary advantage of being a limited partner

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Reference no: EM132958093

Problem 1: Which one of the following best describes the primary advantage of being a limited partner rather than a general partner?

A. No potential financial loss

B. Entitlement to a larger portion of the partnership's income

C. Liability for firm debts limited to the capital invested

D. Greater management responsibility

E. Ability to manage the day-to-day affairs of the business

Problem 2: Which of the following are disadvantages of a general partnership?

I. Limited life of the firm

II. Personal liability for firm debt

III. Greater ability to raise capital than a sole proprietorship

IV. Lack of ability to transfer partnership interest

A. I and II only

B. III and IV only

C. II and III only

D. I, II, and IV only

E. I, III, and IV only

Reference no: EM132958093

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