In a limited partnership, a limited partner's liability for business debts is ______.

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29-08-2022
Business

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In a limited partnership, a limited partner's liability for business debts is ______.

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-09-07T01:11:05+02:00

In a limited partnership, a limited partner's liability for business debts is limited to their cash contribution to the partnership.

This is further explained below.

What is a limited partnership?

Generally, A limited partner is a type of corporation that is very comparable to a general partnership.

The primary distinction between both types of partnerships is that a general partnership needs to include at least two basic partners, while a limited partnership needs to have at least one small partner and at least one partner.

In conclusion, In the case of a limited partnership, the responsibility of a limited partner for the obligations of the firm is capped to the amount of cash that they have contributed to the partnership.