A disadvantage of a limited partnership is that any tax losses can be allocated to the partners to reduce their personal taxable income.

Question

Quizplus · Accepted Answer

This statement is false. One disadvantage of a limited partnership is that the general partner(s) have unlimited personal liability for the partnership's debts and obligations. However, tax losses can be allocated to the partners to reduce the partnership's taxable income.

A Disadvantage of a Limited Partnership Is That Any Tax