Asked by
Verified
RULPA does not distinguish between the duty of care owed by a general partner to a general partnership and that owed by a general partner to a limited partnership.
RULPA
The Revised Uniform Limited Partnership Act, which is a standardized set of laws to regulate the formation, operation, and dissolution of limited partnerships in the US.
Duty of Care
A legal obligation imposed on an individual to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.
General Partner
A member of a partnership who has unlimited personal liability for the debts of the business and takes part in the management of the partnership.
- Comprehend the legal differences that exist between general partners and limited partners, focusing on their functions, entitlements, and responsibilities.
Verified Answer
Learning Objectives
- Comprehend the legal differences that exist between general partners and limited partners, focusing on their functions, entitlements, and responsibilities.
Related questions
General Partners and Limited Partners Rank Equally Unless the Partnership ...
One of the Most Appealing Features of a Limited Partnership ...
A Limited Partner Has a Right to Bring an Action ...
The General Partners of a Limited Partnership Have Almost Exclusive ...
Maltese Is a General Partner Who Would Like to Add ...