Chris and Paul operate a business in which both have contributed $50,000 to the business's capitalization. Chris makes all business decisions, and Paul made Chris sign a partnership agreement saying that Paul is liable only for partnership debts up to $50,000.
A) Both are general partners.
B) Chris is a general partner, and Paul is a limited partner.
C) Paul is a general partner, and Chris is a limited partner.
D) Both are limited partners.
Correct Answer:
Verified
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