In a limited partnership, each individual partner, regardless of the percentage of capital contributed, has equal rights and liabilities, unless stated otherwise in a partnership agreement.

Question

Quizplus · Accepted Answer

In a limited partnership, there are general partners, who manage the business and have unlimited liability, and limited partners, who have liability only up to the amount of their investment and typically do not have management rights. Rights and liabilities vary based on the partnership agreement and the role of the partner.

In a Limited Partnership, Each Individual Partner, Regardless of the Percentage