Which of the following is incorrect regarding Limited Partnerships? O The partnership debts are paid out of the common fund and the individual properties of the general partners. 0 A limited partnership is one formed by two or more persons, having as members one or more general partners or one or more limited partners. 0 The rm name should contain the word "Limited". 0 A limited partnership is formed by compliance with statutory requirements and not by mere voluntary agreement. Which of the following is incorrect regarding a Limited Partner: 0 A limited partner's interest is freely assignable with the assignee acquiring all the rights of the limited partner subject to certain qualications 0 A limited partner's liability extends only to his capital contribution. O A limited partner may engage in a business which is the kind of business in which the partnership is engaged. O The name of a limited partner must appear in the Firm Name. The following are the rights of a limited partner, except to: O Participate in the management of the Firm. 0 Have dissolution and winding up by decree of court. 0 Have the partnership books kept at the principal place of business of the partnership, and at a reasonable hour to inspect and copy any of them 0 Receive a share of the prots or other compensation by way of income, and to the return of his contribution A preferred Limited partner is a person: 0 Given preference in the management of the rm 0 Whose name appears in the Firm name 0 Given preference as to the return of their contributions and compensation by way of income. 0 Who has the highest contribution in the rm among the limited partners. A general-limited partner is one who: 0 has rights and powers and be subject to all the restrictions of a general partner; except that, in respect to his contribution, he shall have the rights against the other members which he would have had if he were not also a general partner. 0 has rights and powers and be subject to all the restrictions of a limited partner; except that, in respect to his contribution, he shall have the rights against the other members which he would have had if he were not also a general partner. O Contributes only money or property to the rm. O has rights and powers and be subject to all the restrictions of a limited partner; except that, in respect to his contribution, he shall have the rights against the other members which he would have had if he were not also a limited partner