Orlando is a limited partner in Port of Call Exports, a limited partnership. By participating in the firm's management, Orlando is liable for its obligations
A) in proportion to the number of partners in the firm.
B) to no extent.
C) to the extent of his capital contribution to the firm.
D) to the full extent.

Question

Orlando is a limited partner in Port of Call Exports, a limited partnership. By participating in the firm's management, Orlando is liable for its obligations
A) ​in proportion to the number of partners in the firm.
B) ​to no extent.
C) ​to the extent of his capital contribution to the firm.
D) ​to the full extent.

Quizplus · Accepted Answer

By participating in the management of the firm, Orlando loses his limited liability protection and becomes liable for the firm's obligations to the full extent, similar to a general partner.

Orlando Is a Limited Partner in Port of Call Exports