5 Questions
What is a requirement for a limited partnership (LP)?
At least one GP and at least one limited partner
What is the difference between a limited partnership and a limited liability partnership?
All partners have limited liability in a limited liability partnership
What are the responsibilities of GPs in a limited partnership?
They have joint and several liability for the debts of the partnership
In what way can GPs bind the partnership in contracts with third parties?
In the ordinary course of the partnership's business
What happens when a GP acts not apparently for carrying on in the ordinary course of the partnership's business?
The act is not considered valid
Test your knowledge on limited partnerships with this quiz! Learn about the differences between general and limited partners, the structure of a limited partnership, and the unique characteristics of this business entity.
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