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Which of the following best describes the term 'limited partner'?

Practice Questions

Q1
Which of the following best describes the term 'limited partner'?
  1. A partner who has unlimited liability
  2. A partner who contributes capital but has limited involvement in management
  3. A partner who manages the business
  4. A partner who is not liable for any debts

Questions & Step-by-Step Solutions

Which of the following best describes the term 'limited partner'?
  • Step 1: Understand what a limited partner is. A limited partner is someone who invests money in a business.
  • Step 2: Know that a limited partner does not take part in running or managing the business.
  • Step 3: Remember that limited partners are usually not responsible for the debts of the business beyond their investment.
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