A limited partner who participates in the management of the partner?ship may be personally liable to the firm's creditors.

Question

Quizplus · Accepted Answer

Limited partners are not usually personally liable for the firm's debts or obligations. However, if they participate in the management of the partnership, they may lose their limited liability status and become personally liable for the partnership's debts and actions.

A Limited Partner Who Participates in the Management of the Partner?ship