Which of the following is true of limited partnerships?

Question

Quizplus · Accepted Answer

Limited partnerships have one or more general partners and one or more limited partners. Normally, limited partners have no obligation for the debts of the partnership. Because limited liability is a privilege given by the state, limited partnerships can be created only under a state statute. The statutory formalities must be complied with to form a limited partnership. A certificate must be filed with the secretary of state or the county recorder.

Which of the Following Is True of Limited Partnerships