{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ANSWERS-CH40 - CHAPTER 40 LIMITED LIABILITY COMPANIES...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 40 LIMITED LIABILITY COMPANIES, LIMITED PARTNERSHIPS, AND LIMITED LIABILITY COMPANIES ANSWERS TO CHAPTER 40 True-False Multiple Choice 1. F 2. T 3. F 4. F 5. F 6. T 7. F 8. F 9. F 10. T 11. d 12. c 13. c 14. c 15. a 16. d 17. b 18. d 19. c 20. b Short Essay 21. A limited partner is may be expelled by the other partners or by a court. A dissociated limited partner has no rights and is a transferee of the dissociated limited partner’s transferable interest. A general partner’s dissociation are treated the same as the RUPA treats partners’ dissociations. Disassociation ends a general partner’s rights to manage the limited partnership. A dissociated general partner will remain liable on a limited partnership obligation unless the creditors agree to release him. He is not liable for debt incurred after he dissociated if notice has been given. 22. McCartney, Lennon, and Harrison all face the realistic prospect of personal liability on the debt. General partners are jointly liable for contract claims such as that of Starkey.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern