Limited and Limited Liability Partnerships

Question 1

What is a limited partnership ?

Answer 1

x

Question 2

What key ways does a limited partnership differ from a regular partnership?

Answer 2

x

Question 3

How is a limited partnership formed?

Answer 3

x

Question 4

What are the name requirements for a limited partnership?

Answer 4

x

Question 5

What is the consequence of inconsistencies between a limited partnership’s agreement and its certificate?

Answer 5

xx

Question 6

How can a certificate of limited partnership be amended?

Answer 6

x

Question 7

What office requirements are imposed on limited partnerships?

Answer 7

x

Question 8

What service of process requirements are imposed on limited partnerships?

Answer 8

x

Question 9

How may a person be admitted to a limited partnership as either a general or limited partner?

Answer 9

x

Question 10

What are limited partnership partners’ financial rights?

Answer 10

x

Question 11

What is the liability of a general partner?

Answer 11

xx

Question 12

What is the liability of a limited partner?

Answer 12

x

Question 13

What fiduciary duties does a general partner?

Answer 13

x

Question 14

What is the consequence of a person erroneously believing themself to be a limited partner?

Answer 14

x

Question 15

What are a general partner’s duties?

Answer 15

c

Question 16

What are a limited partner’s duties?

Answer 16

x

Question 17

What all partners in a limited partnership’s rights to distribution?

Answer 17

x

Question 18

What are partners’ liability in a limited partnership for improper distribution?

Answer 18

x

Question 19

What are partners’ rights in a limited partnership to assign a partnership interest?

Answer 19

x

Question 20

May a partnership interest in a limited partnership be attached by a judgment creditor?

Answer 20

x

Question 21

What are partners’ rights in a limited partnership to transact business with the partnership?

Answer 21

x

Question 22

What are partners’ rights in a limited partnership to dissolve the partnership?

Answer 22

s

Question 23

What are partners’ rights in a limited partnership to take direct action against the partnership?

Answer 23

x

Question 24

What are partners’ rights in a limited partnership to maintain a derivative action against the partnership?

Answer 24

x

Question 25

Who is a proper plaintiff in a derivative action against a limited partnership?

Answer 25

xx

Question 26

What rights are specific to general partners in a limited partnership?

Answer 26

x

Question 27

What rights are specific to limited partners in a limited partnership?

Answer 27

x

Question 28

What causes dissociation of a limited partnership?

Answer 28

xc

Question 29

What are the effects of dissociation on limited and general partners?

Answer 29

x

Question 30

How may a limited partnership be dissolved?

Answer 30

x

Question 31

How may a limited partnership be wound up?

Answer 31

x

Question 32

What powers do partners in a limited partnership have to bind the partnership after dissolution?

Answer 32

x

Question 33

How are limited partnership assets distributed after dissolution?

Answer 33

x

Question 34

Can a limited partnership convert to or merge with another form of business?

Answer 34

xx

Question 35

What is a limited liability partnership?

Answer 35

xx

Question 36

How is an LLP formed?

Answer 36

x

Question 37

What are LLP naming requirements?

Answer 37

x

Question 38

What are LLP partners’ liabilities?

Answer 38

x

Question 39

How are LLPs managed?

Answer 39

x

Question 40

What financial rights do LLP partners have?

Answer 40

x

Question 41

What are LLP partners’ rights and obligations?

Answer 41

x