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A limited partner has a right to bring an action on the behalf of a limited partnership to recover a judgment in its favor if the general partners having authority to do so have refused to bring the action.
Limited Partner
An investor in a partnership who has limited liability to the extent of their investment in the business and does not participate in day-to-day management.
Limited Partnership
A business partnership where at least one partner has limited liability to the extent of their investment while at least one other has unlimited liability.
General Partners
Individuals in a partnership who are responsible for the management of the partnership and are liable for its debts.
- Learn about the legal differentiation between general partners and limited partners, concentrating on their roles, prerogatives, and liabilities.
- Comprehend the requirements for the formation, amendment, and dissolution of a limited partnership and the documentation involved.
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Learning Objectives
- Learn about the legal differentiation between general partners and limited partners, concentrating on their roles, prerogatives, and liabilities.
- Comprehend the requirements for the formation, amendment, and dissolution of a limited partnership and the documentation involved.
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