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    Uploaded by

    Jeson Malinao
    Most statements were true according to the checklist. The document discusses partnerships, noting that a limited partnership has both general and limited partners, with general partners taking on full liability for business debts and being responsible for management, while limited partners are only liable up to their investment amount and cannot participate in management without becoming general partners.

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    © All Rights Reserved
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    ANSWER1

    Uploaded by

    Jeson Malinao
    62 views1 page
    Most statements were true according to the checklist. The document discusses partnerships, noting that a limited partnership has both general and limited partners, with general partners taking on full liability for business debts and being responsible for management, while limited partners are only liable up to their investment amount and cannot participate in management without becoming general partners.

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    © © All Rights Reserved

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    Most statements were true according to the checklist. The document discusses partnerships, noting that a limited partnership has both general and limited partners, with general partners taking on full liability for business debts and being responsible for management, while limited partners are only liable up to their investment amount and cannot participate in management without becoming general partners.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    62 views1 page

    ANSWER1

    Uploaded by

    Jeson Malinao
    Most statements were true according to the checklist. The document discusses partnerships, noting that a limited partnership has both general and limited partners, with general partners taking on full liability for business debts and being responsible for management, while limited partners are only liable up to their investment amount and cannot participate in management without becoming general partners.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
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    Let’s Check

    1. FALSE
    2. TRUE
    3. FALSE
    4. TRUE
    5. TRUE
    6. TRUE
    7. TRUE
    8. TRUE
    9. TRUE
    10. TRUE

    Let’s Analyze
    1. There are two or more partners who go into business together, but only
    one or more partners are responsible for the sum of their investment.
    Unlimited liability lies with the general partner of the LP.

    - Under a limited partnership, a general partner is the partner who is directly


    accountable. For both the company and their own private properties, they
    assume direct and shared responsibility, and typically serve as the
    company's managing director and representative. There can also be a
    limited partnership with many general partners that may be both natural
    and legal persons.

    2. Limited partners are still unable to participate in the general management


    and regular activities of the partnership business without in the eyes of the
    law, being called general partners.

    3. A limited partner is a member of the limited partnership who makes a


    contribution to the limited partnership and is only responsible for the liability of
    the business up to the value of the contribution. In the other hand, the general
    partner is responsible for all their assets. Unless otherwise defined by the
    articles of association, the limited partner is exempt from management and
    involvement in the enterprise.

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