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

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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. The partnership's assets are not sufficient to satisfy Starkey's claim.
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This note was uploaded on 04/30/2010 for the course BUSLAW 301 taught by Professor Abu during the Spring '09 term at Abu Dhabi University.

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

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