Justin and Michael form a limited partnership and start a car dealership. Justin is the general partner and Michael is the limited partner. Seven months after the commencement of the business, Pedro makes an investment and wishes to become a general partner. A week later, Michaels mother wishes to join the partnership as a limited partner.
1. Which of the following is true in this scenario?
O Pedro cannot be a general or limited partner
O Pedro cannot be admitted as a general partner to the partnership as a limited partnership can only have one general partner.
O Michael's mother cannot be admitted as a limited partner to the partnership as a limited partnership can only have one limited
partner.
O Both Pedro and Michael's mother can choose to be admitted as either general or limited partners to the partnership.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Justin and Michael form a limited partnership and start a car dealership. Justin is the general partner and Michael is the limited partner. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
EA8. LO 5.3How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and 290,000 units were started?
Answers (1)
The following information for Kellman Inc. is available at the end of 2019. Total assets on 12/31/2018 $72,500Total assets on 12/31/2019 78,300Total liabilities on 12/31/2018 12,100Total liabilities on 12/31/2019 9,800Common stock on 12/31/2018
Answers (1)
True or False: savings and loan associations are not subject to fedreal regulations.
Answers (1)
What item should you look for when adjusting your check register?
Answers (2)
Samuel gompers was a leading proponent of what industrial issue?
Answers (1)
New Questions in Business
Now consider a strangle using the same call with a strike price of $100 and a different put with a strike price of $95. Both have the same expiration date.
Answers (1)
Mullineaux Corporation has a target capital structure of 70 percent common stock and 30 percent debt. Its costs of equity is 15 percent, and the cost of debt is 8 Percent. The relevant tax rate is 35 percent.
Answers (1)
That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n) a. balance sheet b. trial balance c. chart of accounts d. income statement
Answers (1)
Coronado Shoes Fool Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case.
Answers (1)
Suppose during 2014 that Federal Express reported the following information (in millions) : net sales of $35,497 and net income of $98.
Answers (2)