Which of the following statements about limited partners is NOT correct?
A)They are entitled to share equally in profits and losses, unless there is an agreement to the contrary.
B)They are jointly and severally liable for partnership debt and wrongful acts of other partners.
C)They are not responsible for the wrongful acts of other partners, except to the extent of their actual and promised contributions to the partnership.
D)Property that they contribute to the partnership is considered partnership property.

Question

Quizplus · Accepted Answer

Limited partners are not jointly and severally liable for partnership debt and wrongful acts of other partners. This is a characteristic of general partners, who have unlimited liability. Limited partners have limited liability, which means they are only liable up to the amount of their actual and promised contributions to the partnership.

Which of the Following Statements About Limited Partners Is NOT