12. Which of the following statements regarding a limited partner isare) generally correct? 8. The apparent authority of a partner to bind the partnership in dealing with third parties a. Must be derived from the express powers and purposes contained in the partnership agreement. b. Will be effectively limited by a formal resolution of the partners of which third parties are unaware. c. May allow a partner to bind the partnership to representations made in connection with the sale of goods. d. Would permit a partner to submit a claim against the partnership to arbitration. The limited partner The limited partner is subject to has the right to personal liability for participate in the control partnership debts of the partnership Yes Yes Yes No No Yes No No a. b c. d. 9. Which of the following statements is(are) usually correct regarding general partners' liability? I. All partners are jointly and severally liable for partnership torts. II. All general partners are liable only for those partnership obligations they actually authorized. a. I only b. II only. c. Both I and II. d. Neither I nor II. 13. In general, which of the following statements is correct with respect to a limited partnership? a. A limited partner has the right to obtain from the general partner(s) financial information and tax returns of the limited partnership. b. A limited partnership can be formed with limited liability for all partners. c. A limited partner may not also be a general partner at the same time. d. A limited partner may hire employees on behalf of the partnership 10. Which of the following statements is correct regarding a limited partnership? a. The general partner must make a capital contribution. b. It can only be created pursuant to a statute providing for the formation of limited partnerships. It can be created with limited liability for all partners. d. At least one general partner must also be a limited partner. 14. In general, which of the following statements is correct with respect to a limited partnership? a. A limited partner will be personally liable for partnership debts incurred in the ordinary course of the partnership's business. b. A limited partner is unable to participate in the management of the partnership in the same manner as general partners and still retain limited liability. c. A limited partner's death or incompetency will cause the partnership to dissolve. d. A limited partner is an agent of the partnership and has the authority to bind the partnership to contracts. C 11. Which of the following statements is correct with respect to a limited partnership? a. A limited partner may not be an unsecured creditor of the limited partnership. b. A general partner may not also be a limited partner at the same time. general partner may be a secured creditor of the limited partnership d. A limited partnership can be formed with limited liability for all partners. C
