Accounting/Business Law 11. Longish Horns LP is a Texas limited partnership. It
ID: 2456848 • Letter: A
Question
Accounting/Business Law
11. Longish Horns LP is a Texas limited partnership. It is in the business of restoring the horns of deceased longhorns. The company was working in Oklahoma restoring some horns. Franko was impaled by a falling horn, due to no fault of his own. There’s no debate that it was the fault of Longish Horns.
Longish Horns had failed to register as a foreign limited partnership is Oklahoma.
Select the most likely statement with respect to the limited partners.
A. The limited partners are liable to Franko for Longish Horns’ negligence, in part because of the LP’s failure to register as a foreign corporation in Oklahoma.
B. The limited partners are liable to Franko for Longish Horns’ negligence, in part because of the LP’s failure to register as an animal husbandry corporation in Oklahoma.
C. The limited partners can defend themselves in the Oklahoma courts.
D. The limited partners are not liable to Franko.
Explanation / Answer
Option B. is correct.
The limited partners are liable to Franko for Longish Horns’ negligence, in part because of the LP’s failure to register as an animal husbandry corporation in Oklahoma.