Asked by
Mandip Timalsina
on Nov 23, 2024
Verified
Limited partners may actively participate in the control of the partnership without jeopardizing their limited liability status.
Limited Liability
The condition where a company's owners or shareholders are legally responsible for its debts only to the extent of the capital they invested.
Partnership Control
Partnership control refers to the governance or directive influence exercised by partners in a partnership, affecting decision-making and operations.
- Familiarize oneself with the framework of limited liability partnerships, including the contrasting roles of limited and general partners.
Verified Answer
JM
Learning Objectives
- Familiarize oneself with the framework of limited liability partnerships, including the contrasting roles of limited and general partners.
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