Nick and Orlando are limited partners in Port City Exports,a limited partnership.To avoid personal liability for the firm's obligations,they must not

Question

Nick and Orlando are limited partners in Port City Exports,a limited partnership.To avoid personal liability for the firm's obligations,they must not​

Quizplus · Accepted Answer

Limited partners cannot participate in the management of the partnership. If they do, they risk losing their limited liability status and becoming liable for the partnership's obligations. Options A and B are not correct, as acquiring an interest in the firm and contributing property to the firm are typical actions for partners in a limited partnership. Option C is partially correct, as limited partners can engage in activities related to the partnership's business but cannot conduct independent business activities that could conflict with the partnership's interests.

Nick and Orlando Are Limited Partners in Port City Exports,a