Question
1Which of the following is incorrect regarding the management authority of general partners in a limited partnership?a. General partners have a right to participate in
1Which of the following is incorrect regarding the management authority of general partners in a limited partnership?a. General partners have a right to participate in the management of a limited partnershipb. Each partner has the right to participate in the management of the limited partnership, but only in proportion to her original capital contribution. c. A simple majority decides most ordinary partnership matters. d. Any matter relating to the activities of the limited partnership may exclusively be decided by the general partners. 2. The EEOC classifies as Asian a person having origins in all but which of the following geographical regionsa. The Indian subcontinentb. The far Eastc. North Africad. Southeast Asia3. Which of the following is correct regarding social security. a. Self employed individuals are exempt from Social Security paymentsb. It operates like a savings accountc. Under the Federal Insurance Contributions Act( FICA) an employee's employer pays 100% of the Social Security fund contributionsd. Under the FICA, employees must make contributions into the Social Security Fund. 4. Roger an attorney borrowed money from Alejandro to start a business. He gave a promissory note to Alejandro promising to pay the money back anytime within the next five years. In order to accept the note, Alejandro demanded a security deposit. Roger gave the gold that he owned as security. Roger in turn demanded that a specific clause be added to the promissory note to allow faster repayment of the loan in case he inherited money within the next five years. But even after five years, Roger was unable to complete payment. He made a new promissory note promising to finish payment within the next year and promised to provide free legal service to Alejandro for the next 2 years. Which of the following clauses did Roger ask to add in the first promissory note?a. A prepayment clauseb. An accelarated clausec. An extension claused. An installment clause
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started