Asked by Michele Troxell on May 11, 2024
Verified
General partners differ from limited partners only in the amount of input they have in partnership decisions.
General Partners
Individuals or entities who manage the business and are personally liable for the partnership's debts.
Limited Partners
Investors in a partnership who are not involved in the daily operations of the business and whose liability is restricted to the amount of their investment.
- Distinguish between general and limited partners, particularly in terms of liability and involvement in management.
Verified Answer
CF
Cagayare fanax FanaxMay 16, 2024
Final Answer :
False
Explanation :
General partners have unlimited liability and are involved in the management of the partnership, while limited partners have limited liability and typically do not participate in the day-to-day management of the business.
Learning Objectives
- Distinguish between general and limited partners, particularly in terms of liability and involvement in management.