Question
Anna purchased a 20% general partnership interest in the ABC Limited Partnership for $10,000. Marcus is an 80% general partner. A few days after Anna
Anna purchased a 20% general partnership interest in the ABC Limited Partnership for $10,000. Marcus is an 80% general partner. A few days after Anna purchased her interest, the federal government fined ABC $1,000,000 for violating the Securities Exchange Act of 1934. Because Anna is a general partner:
| a. the maximum amount of her liability is zero. | ||
| b. the maximum amount of her liability is $200,000. | ||
| c. maximum amount of her liability is $1,000,000. | ||
| d. the maximum amount of her liability is $10,000. |
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
