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Marshall formed a limited partnership for the purpose of engaging in the import-export business. Marshall obtained additional working capital from Franklin and Lee by selling

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Marshall formed a limited partnership for the purpose of engaging in the import-export business. Marshall obtained additional working capital from Franklin and Lee by selling them each a limited partnership interest. Under these circumstances the limited partnership will generally be treated as a taxable entity for federal income tax purposes. will lose its status as a limited partnership if there is ever more than one general partner can limit the liability of all of the partners. none of the above

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