In a Limited Partnership,the Limited Partners Are Liable for Partnership

question 2

True/False

In a limited partnership,the limited partners are liable for partnership debts only to the extent of their investment in the partnership plus any amount they commit to contribute to the partnership if called upon.

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Definitions:

Nolo Contendere

Latin for “I will not contest it.” A criminal defendant’s plea in which he or she chooses not to challenge, or contest, the charges brought by the government. Although the defendant will still be convicted and sentenced, the plea neither admits nor denies guilt.

Guilty

A legal term describing someone formally convicted of a crime by a court of law.

Arraignment

A court proceeding in which a criminal defendant is formally charged and asked to enter a plea.

Plead Guilty

The act of admitting to the court that one committed the offense with which they are charged.