Which of the following is true of a limited partnership?
A) General partners conduct the business.
B) Limited partners are held liable for debts of general partners.
C) Limited partners do not contribute any capital to the business.
D) General partners have limited liability for the debts of the business.

Question

Quizplus · Accepted Answer

General partners in a limited partnership are responsible for managing the business and are also liable for its debts, distinguishing their role from that of limited partners who invest capital but do not partake in management and have limited liability.

Which of the Following Is True of a Limited Partnership