Which of the following is NOT true for limited partnerships?
A) Only limited partners can manage the business.
B) One general partner must exist who has unlimited liability.
C) Only the name of general partners can appear in the name of the firm.
D) Limited partners may sell their interest in the company.

Question

Quizplus · Accepted Answer

Limited partners cannot manage the business, as they have limited liability and are not responsible for the management of the partnership. The general partner is responsible for managing the business.

Which of the Following Is NOT True for Limited Partnerships