Which of the following is correct with respect to limited partnerships?
A) Limited partnership refers to the fact that no more than five people are allowed to be partners in such partnerships.
B) Limited partnership refers to the fact that limited partnerships can only carry on in certain kinds of businesses.
C) Limited partnership refers to the fact that some partners have limited liability.
D) Limited partnership refers to the fact that some partnerships are only created for a limited period of time.
E) Limited partnership refers to the fact that the partnership can only issue common shares.

Question

Quizplus · Accepted Answer

Limited partnerships are structured so that some partners, known as limited partners, have their liability for the debts of the partnership limited to the amount they have invested in the partnership. This contrasts with general partners, who have unlimited liability.

Which of the Following Is Correct with Respect to Limited