64. The limited partnership is a Commercial Company, which comprises two categories of partners: Statement I: One or more general partners who shall be jointly and severally liable for the limited partnership's debts to the full extent of their property. Statement Il: One or more limited partners whhose liability for the partnership's debts shall be limited to the amount of their contribution to the partnersbip's capital provided such amount has been stated in the limited partnership's Memorandum of Association. Statement I O Staternent i Staterments I and I O Both statements and It are not applicable.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

F3

64, The limited partnership is a Commercial Company, which comprises two categories of
partners:
Statement I: One or more general partners who shall be jaintly and severally liable for the limited
partnership's debts to the full extent of their property.
Statement Il: One or more limited partners whose liability for the partnership's debts shall be
limited to the amount of their contribution to the partnership's capital provided such amount has
been stated in the limited partnership's Memorandum of Association.
O Statement
Staterment I
Staternents I and II
Both statements and Il are not applicable.
Transcribed Image Text:64, The limited partnership is a Commercial Company, which comprises two categories of partners: Statement I: One or more general partners who shall be jaintly and severally liable for the limited partnership's debts to the full extent of their property. Statement Il: One or more limited partners whose liability for the partnership's debts shall be limited to the amount of their contribution to the partnership's capital provided such amount has been stated in the limited partnership's Memorandum of Association. O Statement Staterment I Staternents I and II Both statements and Il are not applicable.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Investment Companies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education