Partners who erroneously, but in good faith, believe they have become limited partners can escape liability as general partners by ________.

Question

Quizplus · Accepted Answer

By withdrawing from any future equity participation in the enterprise, the partner avoids being considered a general partner and, therefore, limits their liability as only a limited partner. Adding their surname to the name of the business establishment or filing for a refund of their initial investment would not change their status as a general partner. Bringing a lawsuit against all general and limited partners may not necessarily result in avoiding liability as a general partner.

Partners Who Erroneously, but in Good Faith, Believe They Have