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

Question

Responses

There are no partners with general liability status in a limited partnership.
There are no partners with general liability status in a limited partnership.

Limited partners have unlimited liability for the limited partnership.
Limited partners have unlimited liability for the limited partnership.

There is mutual agency among all partners in limited partnerships.
There is mutual agency among all partners in limited partnerships.

Limited partners requ

Answer 1

The correct statement about limited partnerships is:

There are no partners with general liability status in a limited partnership.

In a limited partnership, there are two types of partners: general partners and limited partners. General partners have unlimited liability, while limited partners have limited liability, meaning they are only liable for the debts of the partnership up to the amount of their investment in the partnership. Additionally, limited partners do not have the same level of control or decision-making authority as general partners.

The other statements provided are incorrect.