Which of the following is NOT true for a limited partnership?
A) It has limited liability for its owners.
B) One general partner must exist who has unlimited liability.
C) Only the name of general partners can appear in the name of the firm.
D) Limited partners may sell their interest in the company.

Question

Quizplus · Accepted Answer

Limited partners in a limited partnership have limited liability, which means they are only liable up to the amount they have invested in the partnership. This choice incorrectly suggests that limited liability applies to all owners, ignoring the distinction between general and limited partners. General partners have unlimited liability.

Which of the Following Is NOT True for a Limited