Question
Coastal Resorts LLLP is a limited liability limited partnership. In terms of their liability for the obligations of the firm, Coastal's general partners have, in
Coastal Resorts LLLP is a limited liability limited partnership. In terms of their liability for the obligations of the firm, Coastal's general partners have, in relation to the limited partners,
A. | no liability. | |
B. | more liability. | |
C. | the same liability. | |
D. | some, but less, liability. |
Hal is a limited partner in El Dorado Mines, a limited partnership. Hal wants to assign his interest in the firm to Ira. The assignment would result in
A. | dissolution of the firm, imposing liability on Hal to the firm's creditors. | |
B. | none of the other answers. | |
C. | dissolution of the firm, with automatic formation of a new limited partnership. | |
D. | dissolution of the firm, requiring a distribution of the assets. |
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