Limited partners can consult and advise with the general partner and still retain limited liability.

Question

Quizplus · Accepted Answer

Limited partners are primarily passive investors and have no control over the company's operations. However, they can consult and advise the general partner without losing their limited liability status. This means that they are not personally liable for the company's debts and obligations beyond their initial investment.

Limited Partners Can Consult and Advise with the General Partner