If a Limited Partner Spent More Than 500 Hours in the Company,he/she

question 3

True/False

If a limited partner spent more than 500 hours in the company,he/she will be treated as general partner and will lose their limited liability protection.

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Definitions:

Prospective Attorney

An individual who is considering or seeking to pursue a career in law, or a lawyer being considered for a particular legal matter or position.

State Bar Examination

A set of tests that law school graduates are required to pass before being licensed to practice law in a specific state.

Admitted to Practice

Admitted to Practice signifies that an individual has met all the necessary criteria, including passing the bar exam, to legally practice law in a certain jurisdiction.

Multistate Law

Laws or legal practices that are recognized and applicable across multiple states within a country.