Asked by
Tiana Porco
on Nov 30, 2024
Verified
A limited partner owes a duty of care to the partnership similar to that of a general partner.
Duty of Care
A legal obligation to avoid causing harm to others through negligence or recklessness.
Limited Partner
A type of investor in a partnership who has limited liability, meaning they are not personally liable for the debts of the business beyond their investment in the partnership.
General Partner
An entity or individual responsible for the everyday operations of a partnership, fully liable for its obligations and debts.
- Understand the roles and responsibilities of general and limited partners in a partnership.
Verified Answer
BR
Learning Objectives
- Understand the roles and responsibilities of general and limited partners in a partnership.