Asked by Jayleen Bocanegra on Apr 25, 2024
Verified
Ken was a general partner in a limited partnership until March 2011,when he transferred all his transferable rights to his wife.A few days later,he was expelled from the limited partnership by other partners.If the limited partnership did not give any notice of dissociation,Ken will retain his apparent authority to transact for the limited partnership until:
A) 2012.
B) 2013.
C) 2014.
D) 2015.
Apparent Authority
A situation where a reasonable person would understand that an agent had authority to act, even if the agent did not have actual authority.
Limited Partnership
A partnership consisting of one or more general partners who manage the business and are personally liable, and one or more limited partners whose liability is restricted to their investment.
Transferable Rights
Rights or privileges that can be transferred or assigned from one party to another, either freely or under certain conditions.
- Comprehend the significance and implications of apparent authority and dissociation in limited partnerships.
Verified Answer
AJ
Antonio Jose Heredia8 days ago
Final Answer :
B
Explanation :
Under the ULPA,two years after the dissociation the apparent authority of a dissociated general partner automatically ends.So,if the limited partnership did not give any notice of dissociation,Ken will retain his apparent authority to transact for the limited partnership till 2013.
Learning Objectives
- Comprehend the significance and implications of apparent authority and dissociation in limited partnerships.