Limited Partners Are Not Liable for Debts of the Partnership

question 45

True/False

Limited partners are not liable for debts of the partnership while it is doing business.

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Definitions:

Transfer Warranty

A guarantee in legal documents, especially in sales of goods, assuring the recipient that the transferor has valid title and that the transfer is rightful.

Presentment Warranty

Assurance given in a transaction that certain facts are true as of the time of the deal, generally related to financial instruments.

Draft

A preliminary version of a document, plan, or design that is open for discussion, revision, or improvement.

Forged

Refers to the illegal creation, alteration, or imitation of documents, signatures, or objects with the intent to deceive.