Which of the following is correct with respect to limited partnerships?
A)Limited partnership refers to the fact that no more than five people are allowed to be partners in such partnerships.
B)Limited partnership refers to the fact that the partnership can only issue common shares.
C)Limited partnership refers to the fact that some partnerships are only created for a limited period of time.
D)Limited partnership refers to the fact that limited partnerships can only carry on certain kinds of businesses.
E)Limited partnership refers to the fact that some partners have limited liability.

Question

Quizplus · Accepted Answer

Limited partnerships refer to partnerships where some partners have limited liability for the business's debts and obligations. The other options are incorrect as they do not accurately describe limited partnerships.

Which of the Following Is Correct with Respect to Limited