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If Edd contributed $1,000 as a limited partner and signed a certificate of limited partnership, but the certificate was filed in the wrong office: Edd may avoid liability as a general partner if he withdraws from the business and quickly renounces future profits. Edd is not a partner at all and may withdraw his contribution. Edd is a general partner for all purposes. Edd may become a limited partner by quickly filing an affidavit stating he was not responsible for the erroneous filing.

If Edd contributed $1,000 as a limited partner and signed a certificate of limited partnership, but the certificate was filed in the wrong office: Edd may avoid liability as a general partner if he withdraws from the business and quickly renounces future profits. Edd is not a partner at all and may withdraw his contribution. Edd is a general partner for all purposes. Edd may become a limited partner by quickly filing an affidavit stating he was not responsible for the erroneous filing.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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If Edd contributed $1,000 as a limited partner and signed a certificate of limited partnership, but the certificate was filed in the wrong office: Edd may avoid liability as a general partner if he withdraws from the business and quickly renounces future profits. Edd is not a partner at all and may withdraw his contribution. Edd is a general partner for all purposes. Edd may become a limited partner by quickly filing an affidavit stating he was not responsible for the erroneous filing.
Transcribed Image Text:If Edd contributed $1,000 as a limited partner and signed a certificate of limited partnership, but the certificate was filed in the wrong office: Edd may avoid liability as a general partner if he withdraws from the business and quickly renounces future profits. Edd is not a partner at all and may withdraw his contribution. Edd is a general partner for all purposes. Edd may become a limited partner by quickly filing an affidavit stating he was not responsible for the erroneous filing.
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