It is possible for a limited partner to be subject to the debts of the firm if the limited partner participates in the control of the business.

Question

Quizplus · Accepted Answer

Limited partners are generally not personally liable for the debts of the firm, but if they participate in the management or control of the business, they may lose their limited liability protection and become personally liable for the company's obligations. This is called "piercing the corporate veil."

It Is Possible for a Limited Partner to Be Subject