Ask Question
BusinessBusiness
25 October, 11:43

Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?

+2
Answers (1)
  1. 25 October, 12:24
    0
    Answer: Unlimited personal Liability

    Explanation:

    Unlimited liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities. In other words, general partners and sole proprietors are responsible for paying off all of the company debts personally if the company can't make its payments.

    In this sense, the business owners are unlimitedly liable for all the business actions. The difference between limited and unlimited liability is significant for business owners. Limited liability means you don't face much personal financial risk for debts of your business. Unlimited liability means you are exposed to potential losses based on company obligations.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The CEO of Kwikee Shoppe, a chain of convenience stores, believes that some of his managers aren't making decisions as effectively as they could. He has hired you as a consultant to analyze the types of bias that could be causing poor decisions.
Answers (1)
A friend comes to you and asks you to invest in his business instead of investing in Treasury bonds. You think he has a good business model, so you tell him you are willing to invest as long as the expected return on the investment is at least four
Answers (1)
Kitchen Convenience Company manufactures two products - toaster ovens and bread machines. The following data are available: Toaster Ovens Bread Machines Sales price $100 $160 Variable costs $20 $70 Kitchen Convenience can manufacture six toaster
Answers (1)
What are the functions of a nation-state? select one: a. maintain order b. maintain armies c. collect taxes d. all of the above?
Answers (1)
1. what are the risks associated with fast internationalisation strategy for better generation? 2. How can better generation build these resources for fast internationalisation strategy? 3.
Answers (1)
New Questions in Business
During the Great Depression, consumer spending was higher than ever in history. Question 10 options: True False
Answers (2)
A property is being appraised by the cost approach. The appraiser estimates that the land is worth $17,000 and the replacement cost of the improvements is $235,000. Total depreciation from all causes is $23,000.
Answers (1)
NorthWest Corp. obtained the following information from its accounting records: Sales $70,000 Beginning Finished Goods Inventory $10,000 Ending Finished Goods Inventory $46,000 Cost of Goods Sold $22,000 Ending Work-in-Process Inventory $30,000
Answers (1)
Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1,234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited?
Answers (1)
Throughout history, big business interests have almost always been at odds with environmentally friendly practices.
Answers (1)
Home » Business » Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?
Sign Up Forgot Password?