Which of the following statements is true of a limited partnership?

Question

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Limited partnerships often require formal agreements that include the right of partners to approve the admission of new general partners. This is a measure to protect the interests of all partners involved. Options A, B, and C are incorrect because the creation of a limited partnership usually requires a formal procedure, should be disclosed to the public for transparency, and a person can indeed be both a general and a limited partner in the same limited partnership.

Which of the Following Statements Is True of a Limited