Limited partners invest capital,manage the business,and are personally liable for partnership debts.

Question

Quizplus · Accepted Answer

Limited partners are not personally liable for partnership debts. That is the whole point of having limited liability as an investor in a partnership. They invest capital and share in the profits or losses of the partnership, but they do not participate in the day-to-day management of the business and they are not personally responsible for the partnership's debts beyond their capital contribution.

Limited Partners Invest Capital,manage the Business,and Are Personally Liable for Partnership