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Which is not a condition of a limited partnership

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Reference no: EM132756450

Problem 1: The legal characteristic of a partnership whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the normal scope of the partnership business is known as:

A. unlimited liability

B. partnership accounting

C. a partnership contract

D. mutual agency

Problem 2: Which of the following is not true regarding a partnership?

A. A partnership is a voluntary association

B. Partnerships pay income taxes

C. Partnerships have limited life

D. Partners in general partnerships have unlimited liability

Problem 3: Which is NOT a condition of a limited partnership?

A. Limited partners are expected to have an active role in management

B. A limited partner's liability will be limited to his/her investment

C. One partner of the limited partnership must be a general partner

D. Limited partnerships will have more than one kind of partner.

Reference no: EM132756450

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