Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. general management
  3. lane and louis were limited partners in a real est

Lane and Louis were limited partners in a real estate venture. After the business was in...

60.1K

Verified Solution

Question

General Management

Lane and Louis were limited partners in a real estateventure. After the business was in financial difficulty, theselimited partners had two meetings with the general partners todiscuss the problems of the venture. In addition, Lane visited theconstruction site and “obnoxiously” complained about the work thatwas being conducted. Do these actions constitute taking part in thecontrol of the business so that the limited partners become liableas general partners? Explain.

Answer & Explanation Solved by verified expert
3.7 Ratings (588 Votes)
Limited partners are basically investors in a venture They are like silent partners with no role to play in the management or day to day working of the organization Limited partners do not incur debt or liability for the organization Their liability is    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Using a 0.25 M phosphate buffer with a pH of 6.7, you add 0.72 mL of...

Medical Sciences
1.2K views

Now that you see what happens with oxygen consumption, cardiac output, and stroke volume, create your...

Chemistry
1.2K views

Skeletal Equation: IO3+(aq)+HSO3-(aq)->I-(aq)+SO42-(aq) A) Which of the following correctly identifies the number of electrons transferred per entity? 6e-/S 2e-/S 4e-/I 3e-/I B) Balance...

Psychology
1.2K views

What were the challenges and the opportunities that Europeans faced in the aftermath of the Black...

Physics
1.2K views

What is the difference between a refrigerator and a heat pump? What is the difference between...

Advance Math
1.2K views

Delia purchased a new car for $23,350. This make and model straight line depreciates to zero...

General Management
1.2K views

Responsibility and accountability are essential considerations in trying to have organizational and systemic ethics. Any area of...

Physics
1.2K views

Thermodynamics processes are indicated in the following diagram 2017 P Match the following Column I...

Basic Math
1.2K views

anufacturer is planning to sell a new product at the price of 360 dollars per...

Accounting
1.2K views

Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment...

Accounting
1.2K views

Last saved 1 second ago. Attempts: 1 of 5 used Saved work will be auto-submitted...

Finance
1.2K views

Question Completion Status: 2 3 4 5 6 12 13 Question 17 Note: Answers should...