A Limited Partner Who Participates in the Control of the Business

question 21

True/False

A limited partner who participates in the control of the business has broad liability to third persons regardless of whether they have transacted business with the partnership believing the limited partner is a general partner.

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Definitions:

Equity

In finance, refers to the ownership interest in a corporation in the form of common stock or preferred stock; in social justice, refers to fairness and justice in treatment, opportunities, and resources.

Voice

The mechanism by which employees can express concerns, opinions, or grievances in the workplace, leading to constructive dialogue and potential improvements in working conditions, policies, or practices.

Unitarist

A perspective within industrial relations that views the organization as an integrated and harmonious whole, where management and staff share common objectives.

Pluralistic

A characteristic of societies or organizations that recognize and embrace diversity, including a variety of perspectives, cultures, or systems.