Which of the following statements is true about limited partnerships?(1 point)

The correct statement is:

**Limited partners require final approval from the general partners on management decisions.**

In a limited partnership, general partners have full control and management authority, while limited partners typically do not participate in the day-to-day management and their liability is limited to their investment in the partnership. However, they do require the approval of general partners for certain decisions.

The other statements are false:
- There **is not** mutual agency among all partners in a limited partnership; only general partners have that authority.
- There **are** partners with general liability status (the general partners).
- Limited partners **do not** have unlimited liability; their liability is limited to their capital contribution.