Limited partners are liable only for the debts and obligations of the limited partnership up to their capital contributions,and they are not personally liable for the debts and obligations of the limited partnership.

Question

Quizplus · Accepted Answer

This statement accurately describes the limited liability of limited partners in a limited partnership. Limited partners are not personally liable for the debts and obligations of the partnership beyond their initial investment. This limited liability is one of the main advantages of forming a limited partnership.

Limited Partners Are Liable Only for the Debts and Obligations