2. General partnerships and LLPs vary in terms of

a. Termination.

b. Capitalization.

c. Taxation.

d. Liability.

1. A business entity has the following nontax-related characteristics:

1. Certain owners have no management rights.
2. Death, bankruptcy, or withdrawal of certain owners does not dissolve the entity.
3. Formation of the entity requires public filing.
4. Capitalization is by the resources of owners.

The entity with the foregoing characteristics is a

1. Sole proprietorship.
2. Limited partnership.
3. General partnership.
4. Limited liability partnership.

1. The assignee of a partnership interest (limited or general) may become a limited partner if
   1. All partners agree.
   2. The limited partner becomes subject to a charging order.
   3. The assignee-limited partner becomes subject to all liabilities of the assignor.
   4. All of the answers are correct.

1. Fox, Harrison, and Dodge are general partners of a limited partnership. If the limited partnership certificate is silent on these matters, the general partners
   1. Can admit additional general partners without consent of the limited partners if the general partners vote unanimously to do so.
   2. Cannot admit additional limited partners absent unanimous consent or ratification by the limited partners.
   3. Can admit additional limited partners if a majority of the general and limited partners consent to do so.
   4. Cannot admit any general or limited partners without amending the partnership agreement.