Terrance and Barbara created a limited partnership,but inadvertently misstated its name in the certificate of limited partnership.How will their liability be affected by this?

Question

Quizplus · Accepted Answer

Misstating the name of the limited partnership in the certificate of limited partnership results in a defective certificate,which leads to a lack of substantial compliance.As such,the limited partnership that Terrance and Barbara created does not exist and the partners will have unlimited liability.

Terrance and Barbara Created a Limited Partnership,but Inadvertently Misstated Its