Asked by

Marina Hanna
on Nov 23, 2024

verifed

Verified

A limited partner who allows his or her name to appear on the partnership's letterhead will likely be considered to be a fully liable general partner.

General Partner

In a partnership, a member who has unlimited liability for the debts of the business and takes part in its management.

Limited Partner

An investor in a partnership who has limited liability to the extent of their investment and does not take part in the day-to-day management of the business.

Letterhead

The heading at the top of a sheet of letter paper, usually consisting of a name and an address, and often a logo.

  • Attain an understanding of what constitutes limited liability partnerships and how limited and general partners differ.
verifed

Verified Answer

IV
Ishan VermaNov 23, 2024
Final Answer:
Get Full Answer