126. The following are allowable business transactions of a limited partner with the partnership, except:

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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126. The following are allowable business transactions of a limited partner
with the partnership, except:
O a. To lend money to the partnership.
b. Receive from a general partner or the partnership any payment, conveyance, or
release from liability if at the time the assets of the partnership are not sufficient to
discharge partnership liabilities to persons not claiming as general or limited
partners.
O C. To transact business with the partnership.
d. To receive on account of resulting claims against the partnership, with general
creditors, a pro rata share of the assets.
Transcribed Image Text:126. The following are allowable business transactions of a limited partner with the partnership, except: O a. To lend money to the partnership. b. Receive from a general partner or the partnership any payment, conveyance, or release from liability if at the time the assets of the partnership are not sufficient to discharge partnership liabilities to persons not claiming as general or limited partners. O C. To transact business with the partnership. d. To receive on account of resulting claims against the partnership, with general creditors, a pro rata share of the assets.
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