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What Is a Limited Partnership? - Definition, Advantages & Disadvantages

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Jerry and Jenny are partners in a real estate investment group. Jerry invests $500,000 of his own money to acquire properties. Jenny handles the real estate transactions. Jerry is a:

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1. Jerry and Jenny are partners in a real estate investment group. Jerry invests $500,000 of his own money to acquire properties. Jenny handles the real estate transactions. Jenny is a:

2. Jerry and Jenny are partners in a real estate investment group. Jerry invests $500,000 of his own money to acquire properties. Jenny handles the real estate transactions. Jenny makes some bad deals and now the group owes $800,000 in delinquent mortgage payments. Jerry can be held personally liable for:

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About This Quiz & Worksheet

This worksheet and quiz combo helps you assess your knowledge of limited partnerships. In order to pass the quiz, you will need to know what general partners and limited partners are.

Quiz & Worksheet Goals

Use this worksheet and quiz to review:

  • Limited partner
  • General partner
  • Advantages and disadvantages of limited partnerships

Skills Practiced

Use this worksheet and corresponding quiz to test out the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on limited partnerships
  • Knowledge application - use your knowledge to answer questions about being a limited partner
  • Distinguishing differences - compare and contrast main topics, such as a limited partner and a general partner

Additional Learning

Review our lesson entitled What is a Limited Partnership? - Definition, Advantages & Disadvantages to find out more about these business partnerships.This lesson covers the following objectives:

  • Determine what a business partnership is
  • Compare and contrast limited partners and general partners
  • Identify the pros of limited partnerships
  • Examine the disadvantages of limited partnerships
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