Which of the following statements is incorrect?
A)Limited partners' liability for partnership debt is limited to their amount of investment.
B)In a general partnership, all partners have unlimited liability for partnership debts.
C)In a limited partnership, all partners participate in managerial decision making.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

In a limited partnership, only general partners participate in managerial decision making, while limited partners have no say in the management of the partnership. Therefore, statement C is incorrect. Statements A and B are both correct.

Which of the Following Statements Is Incorrect