A limited partnership is different from a limited liability partnership in that, in a limited partnership:
A)all members have limited liability.
B)only the members with unlimited liability are allowed to manage the firm.
C)only the members who have the protection of limited liability actively participate in the management of the firm.
D)all members actively participate in the management of the firm.

Question

Quizplus · Accepted Answer

In a limited partnership, there are general partners with unlimited liability who manage the firm, while limited partners have limited liability and typically do not participate in management.

A Limited Partnership Is Different from a Limited Liability Partnership