Question

under the revised uniform limited partnership act (rulpa), if a limited partner's name is used in a firm's name, that partner group of answer choices cannot advise the general partner. does not get his or her contribution returned when the partnership dissolves. will become personally liable to unsuspecting creditors. must actively participate in management activities to retain his or her status of limited liability. cannot receive any of the partnership's profits.

Answer 1

Under the revised Uniform Limited Partnership Act (RULPA), a limited partner whose name is used in a firm's name does not receive their contribution back when the partnership dissolves, cannot receive any of the partnership's profits, but can retain their limited liability status.

Step-by-step explanation:

Under the revised Uniform Limited Partnership Act (RULPA), if a limited partner's name is used in a firm's name, that partner does not get his or her contribution returned when the partnership dissolves. This means that when the partnership ends, the limited partner will not receive their initial investment back.

Additionally, the limited partner cannot receive any of the partnership's profits. Limited partners in a limited liability partnership (LLP) typically only contribute capital and are not involved in the day-to-day management of the business, so they do not receive a share of the profits.

However, the limited partner retains their status of limited liability and is protected from personal liability for the partnership's obligations and debts. As long as the limited partner does not actively participate in management activities, they can maintain their limited liability status.