A general partner in a limited partnership believes wrongly that an LLLP has been created.In such a case,which of the following will apply?

A) He will be considered a limited partner of the limited partnership.
B) He will lose his management powers over the limited partnership.
C) He will have to share profits equally with all other partners.
D) He will have unlimited liability for the obligations of the limited partnership.

LLLP

stands for Limited Liability Limited Partnership, a form of partnership that combines the elements of limited partnerships and limited liability partnerships, providing limited liability to all its partners.

General Partner

A member of a partnership who has unlimited personal liability for the debts and obligations of the partnership, and who has the authority to act on behalf of the partnership in management matters.

Limited Partnership

A form of partnership consisting of at least one general partner who manages the business and is personally liable for partnership debts, and one or more limited partners who provide capital and whose liability is limited to the amount of their investment.