Regarding dissolution of limited partnership

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Reference no: EM132267868

1. With regard to partnerships, which of the following is NOT true?

a. Unless agreed otherwise, a general partner has the right to a proportionate share in profits and losses.

b. Earnings from capital are considered to be "profit."

c. The loss percentage for partners follows profit unless the partners have agreed otherwise.

d. Unless agreed otherwise, a general partner has the right to an equal share in profits and losses.

2. Regarding dissolution of a limited partnership, which of the following is NOT true?

a. After creditors are paid, partners are paid first for unpaid distributions.

b. The distribution of assets is the same as that for dissolution of a general partnership.

c. A certificate of cancellation is filed upon dissolution and winding up.

d. The first to be paid in the distribution of assets is creditors of the partnership, including limited partners who are creditors.

3. Laura is an investor limited partner in a limited partnership. Two years after she becomes a limited partner, Laura thinks that the general partners are not doing a very good job managing the affairs of the limited partnership and participates in the management of the limited partnership. While she is doing so, a bank loans $1 million to the limited partnership, believing that Laura is a general partner. If the limited partnership defaults on the $1 million loan, which of the following holds well?

a. Laura has unlimited personal liability as a limited partner.

b. Laura is personally liable as the bank, in good faith, thought she is a general partner.

c. Laura's liability is restricted to the value of her capital investment in the partnership.

d. Laura is not personally liable as she is a limited partner on paper.

4. All the following factors influence Web 2.0 adoption except:

A. Ease of use

B. usefulness

C. Large virtual employee base

D. Strong IT help desk

5. According to the diversification and risk relationship, which portfolio strategy is the best?

related diversification

BGC matrix

unrelated diversification

single business

Reference no: EM132267868

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