Which of the following statements is true regarding the liability of the partners in a limited partnership?

Question

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In a limited partnership, the limited partners have limited liability for partnership debts, meaning their personal assets are protected from business debts. On the other hand, the general partners have unlimited liability for partnership debts, meaning their personal assets may be used to pay off business debts. Option A is incorrect because it states that both limited and general partners have unlimited liability, which is not true for limited partners. Option C is incorrect because it states that the limited partners have unlimited liability, which is not true for limited partners in a limited partnership. Option D is incorrect because it is unrelated to the liability of partners in a limited partnership.

Which of the Following Statements Is True Regarding the Liability