Which of the following is true of the admission of a new general partner to an existing limited partnership? (Chapter 20) Only limited partners can be admitted to an existing partnership. The oral consent of all partners is enough for a general partner admission. Consent of all general partners is sufficient for the admission of a new limited partner. A limited partnership agreement cannot waive the right of partners to approve the admission of new general partners.
Added by Brian L.
Step 1
Step 1: In a limited partnership, the admission of a new general partner typically requires the consent of all existing general partners. Show more…
Show all steps
Your feedback will help us improve your experience
Jennifer Stoner and 55 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Which of the following statements is true regarding the form of a legally binding partnership contract? The partnership contract may be based on a handshake. The partnership contract may be implied. The partnership contract cannot be oral. The partnership contract must be in writing.
Jennifer S.
Supreeta N.
If a new partner acquires partnership interest directly from the partners rather than from the partnership, a. no entry is required. b. the existing partnership is liquidated. c. the partnership assets should not be revalued because this type of transaction does not result in partnership dissolution. d. the existing partners’ capital accounts are reduced and the new partner’s capital account is increased.
Madhur L.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD