Which of the Following Is True of Limited Partners in a Limited

question 63

Multiple Choice

Which of the following is true of limited partners in a limited partnership?

• A)They have limited liability for the debts of the business but their potential for profits is unlimited.
• B)They usually have first claim to profits and losses made by the business.
• C)They assume the same operational duties as that of the general partner.
• D)They have to assume a liability beyond their contribution in the business in the event of a bankruptcy.