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FINRA Series 7

Category - Series 7

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Creditors whose claims are not settled upon dissolution of a limited partnership may seek recourse from:

the general partner’s profits
the general partner’s personal assets
the partnership’s income
the personal assets of the limited partners

Explanation

Answer: B - the general partner’s personal assets. When a partnership no longer has assets, but does have debts, creditors may look to the personal property of the general partner.

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