Which of the following are characteristics of a limited partnership?
A) Limited partners may not participate in the management of the limited partnership.
B) There must be one or more general partners.
C) General partners have unlimited liability.
D) all of the above

Question

Quizplus · Accepted Answer

A limited partnership must have at least one general partner who manages the business and has unlimited personal liability for the company's debts and obligations. LPs, on the other hand, are limited in liability, meaning they are not held fully accountable for the company's actions because they are not actively involved in its management. This setup aims to protect limited partners while still giving them the chance to profit from a business venture.

Which of the Following Are Characteristics of a Limited Partnership