Asked by Kevin Rodrigues on Apr 25, 2024
Verified
Jason believes that he is a limited partner in Yorktown Yankees Limited Partnership.Jason discovers that no limited partnership certificate has been filed with the secretary of state.What should he do?
A) Withdraw from the limited partnership by obtaining a refund of his capital contribution.
B) Cause a proper certificate of limited partnership to be filed with the secretary of state.
C) File with the secretary of state a limited partner certificate declaring his limited partner status.
D) Nothing.His status is not affected by the failure to file a limited partnership certificate.
Certificate of Limited Partnership
A legal document filed with a state governmental body to form a limited partnership, outlining the rights and obligations of each partner.
Secretary of State
A high-ranking official in a state government responsible for maintaining public records and documents, among other duties, varying by country.
Limited Partner
An investor in a partnership who has limited liability to the extent of the amount of their investment and does not participate in the day-to-day management of the business.
- Gain proficiency in the concepts and legal constructs of limited partnerships and Limited Liability Limited Partnerships (LLLPs).
Verified Answer
Learning Objectives
- Gain proficiency in the concepts and legal constructs of limited partnerships and Limited Liability Limited Partnerships (LLLPs).
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