Which of the following statements is CORRECT? In LLC partnerships, the majority of partners must be managing partners. O Limited partners have little to no working knowledge of the operations of a partnership Partnerships must obtain every partner's approval on partnership elections. Partnerships are limited to 100 limited partners. The entity concept is inappropriate for a flow-through entity such as a partnership. Which of the following is the last resort when determining a partnerships year end date? The default December 31 year-end test The least aggregate deferral test The principal partners test The majority interest test The most-common-partners' date test