Cindy is one of 50 limited partners in a real estate investment limited partnership. The general partner is Evergreen Corporation. Evergreen Corporation invested $500,000 in the partnership and each of the limited partners all of whom are natural persons, invested $10,000. Evergreen has four shareholders. If the real estate partnership is dissolved at a time when it has debts exceeding assets, which of the following is true?A) Because having a corporation means that no partner in the limited partnership has unlimited liability, the shareholders of the corporation would have unlimited liability.B) Neither the corporation nor the limited partners would be required to contribute any assets toward the satisfaction of the unpaid obligations of the limited partnership.C) Because having a corporation means that no partner in the limited partnership has unlimited liability, the limited partners would have unlimited liability.D) The limited partners would not need to contribute any amounts to the satisfaction of the debts, but the assets of the corporation would be available for this purpose.

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06-03-2020
Business

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Cindy is one of 50 limited partners in a real estate investment limited partnership. The general partner is Evergreen Corporation. Evergreen Corporation invested $500,000 in the partnership and each of the limited partners all of whom are natural persons, invested $10,000. Evergreen has four shareholders. If the real estate partnership is dissolved at a time when it has debts exceeding assets, which of the following is true?A) Because having a corporation means that no partner in the limited partnership has unlimited liability, the shareholders of the corporation would have unlimited liability.B) Neither the corporation nor the limited partners would be required to contribute any assets toward the satisfaction of the unpaid obligations of the limited partnership.C) Because having a corporation means that no partner in the limited partnership has unlimited liability, the limited partners would have unlimited liability.D) The limited partners would not need to contribute any amounts to the satisfaction of the debts, but the assets of the corporation would be available for this purpose.

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Answer:D) The limited partners would not need to contribute any amounts to the satisfaction of the debts, but the assets of the corporation would be available for this purpose.

Explanation:A limited partnership is a type of partnership in the business ,in which limited partners only contribute financially and are solely liable to the extent of how much they have contributed or invested anything beyond what they have invested is not their liability.