A partner who does not take active part in running the partnership affairs but he is a general partner, and a partner not known as a partner but actively participate in running the partnership affairs, respectively are
A partner who does not take active part in running the partnership affairs but he is a general partner, and a partner not known as a partner but actively participate in running the partnership affairs, respectively are
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:A partner who does not take active
part in running the partnership affairs
but he is a general partner, and a
partner not known as a partner but
actively participate in running the
partnership affairs, respectively are
known as
A. Secret Partner and Silent Partner
B. Silent Partner and Dormant Partner
C. Silent Partner and Secret Partner
D. Secret Partner and Dormant Partner
"Limited life" means
A. A partnership may be dissolved as the
result of any change in the ownership.
B. A partnership may be dissolved if the
location of the business is changed.
C. A partnership is limited to the amount of
revenue it can earn.
D. A partnership is limited in the amount of
debit it is liable for in the course of the
business
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