Solved

Lisa Entered into a Limited Partnership as a Limited Partner

Question 142

Essay

Lisa entered into a limited partnership as a limited partner by investing $25,000 in cash.There were fifty limited partners and twenty general partners.The partners elected a management committee that included two of the general partners and Lisa as one of the limited partners.The certificate of limited partnership was completed,but was filed with the wrong office.This partnership then commenced business by entering into numerous transactions.Some of the parties it conducted business with assumed that the partnership was a general partnership,because they searched the records of the secretary of state and found no certificate of limited partnership or any other record.Others assumed that it was a general partnership,but had not actually searched the filings.Still others assumed that it was a limited partnership.Among those who assumed it was a limited partnership,some assumed that Lisa was a general partner and others did not.Discuss Lisa's situation with respect to personal liability for partnership debts.

Correct Answer:

verifed

Verified

Lisa would have personal liability to a ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents