What is the order of payment of liabilities of a

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Business Law: Principles for Today's Commercial Environment
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Chapter 41 / Exercise 2
Business Law: Principles for Today's Commercial Environment
Jennings/Twomey
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32. What is the order of payment of liabilities of a dissolved general partnership using the code number representing each liability? I.Those owing to partners other than for capital or for profits. II.Those owing to creditors other than partners. III.Those owing to partners in respect of profits. IV.Those owing to partners in respect of capital. A.I, II, III, IVB.II,I, IV, IIIC.II, I, III, IVD.I, II, IV, IIIAnswer: b
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Business Law: Principles for Today's Commercial Environment
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Chapter 41 / Exercise 2
Business Law: Principles for Today's Commercial Environment
Jennings/Twomey
Expert Verified
33. In a limited partnership where there are 4 partners:
34. A limited partner may contribute:
35. A limited partner shall be liable as general partner in three of the following cases. Which one is the exception?
36. Which of the following omissions will make a partnership formed as a limited partnership liable as a general partnership?I. The certificate is not signed and sworn to by all the Partners.II. The certificate is not registered with the Securities
and Exchange Commission. III. The partnership name docs not include the word "Limited" or "Ltd.", its abbreviation, in the certificate.
37. A person admitted to all 'the rights of a limited partner who has died or has assigned his interest in the partnership is known as:
38. If the assignee does not become the partner referred to in the preceding number, his rights do not include:
39. What is the order of payment of liabilities of a dßSÖ1ve limited partnership using the code number representing each liability?
I.Those owing to general partners other than for capital or for profits. II.Those owing to creditors including limited partners, except those to limited partners on account of their contributions and general partners.

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