In a limited partnership, the general partner has sole responsibility for managing the business and may be personally liable to the partnership's creditors.

Question

Quizplus · Accepted Answer

In a limited partnership, the general partner is responsible for managing the business and is personally liable for the partnership's debts and obligations. Limited partners, on the other hand, are not involved in managing the business and have limited liability for the partnership's debts.

In a Limited Partnership, the General Partner Has Sole Responsibility