Which is true for a limited partnership?

Question

All partners are required to invest an equal amount of money.

All partners actively manage the business.

All partners have unlimited liability.

Only one partner is required to be a general partner.

Answer 1

The correct statement about a limited partnership is:

Only one partner is required to be a general partner.

In a limited partnership, there are two types of partners: general partners, who manage the business and have unlimited liability, and limited partners, who contribute capital and have limited liability but do not participate in managing the business. The other statements are not accurate regarding the structure of a limited partnership.