401E LPQUIZ 6B

Question 1

On due application to a court of competent jurisdiction by any creditor of a limited partner, the court may charge the interest of the indebted limited partner with payment of the unsatisfied amount of such make all other orders, directions and inquiries which the circumstances of the case may require.

Answer 1

TRUE

Question 2

A waiver or compromise when allowed shall affect the right of extended credit or whose claim arose after the filing and before cancellation or amendment of the certificate, to enforce such liabilities.

Answer 2

FALSE

Question 3

A limited partner’s interest is not assignable

Answer 3

FALSE

Question 4

In order for the contribution of a limited partner to be returned, it is required that all the liabilities of the partnership have been paid or assets of the partnership are sufficient to pay all liabilities.

Answer 4

TRUE

Question 5

The retirement, death, insolvency, insanity, or civil interdiction of a general partner dissolves the partnership unless the business is continued by the remaining general partners.

Answer 5

TRUE

Question 6

A general rule: A limited partner whose surname appears in a partnership name is liable as a general partner to partnership creditors who extend their credit to the partnership without actual knowledge that he is not a general partner.

Answer 6

TRUE

Question 7

An assignee who becomes a substituted limited partner has no right to acquire any information or account of the partnership transactions or to inspect the partnership books.

Answer 7

FALSE

Question 8

A certificate of the partnership shall be amended when an additional limited partner is admitted

Answer 8

TRUE

Question 9

A general rule: A general partner may possess partnership property, or assign their rights in specific partnership property, for other than a partnership purpose.

Answer 9

FALSE

Question 10

A contributor, unless he is a general partner, is a proper party to proceedings by or against a partnership, except where the object is to enforce a limited partner’s right against or liability to the partnership.

Answer 10

FALSE

Question 11

The executor or administrator of a death limited partner shall be all the rights of a limited partner for the purpose of settling his estate.

Answer 11

TRUE

Question 12

The estate of a deceased limited partner shall not be liable for all his liabilities as a limited partner.

Answer 12

FALSE