Limited partners of an LLLP are involved in the management functions of the partnership.

Question

Quizplus · Accepted Answer

Limited partners are passive investors and are not involved in the management functions of an LLLP. They have limited liability but do not have the right to participate in the day-to-day operation of the partnership. The general partner, on the other hand, manages the business and assumes unlimited liability for the partnership's debts and obligations.

Limited Partners of an LLLP Are Involved in the Management