IL Bar Practice Questions - Illinois Bar Examination Exam

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A general partner in a limited partnership and a limited partner both participate in the business. Which statement about the limited partner's liability is correct under modern limited partnership law?

A limited partner generally is not personally liable beyond the capital contributed, provided the limited partner does not become a general partner A limited partner is always personally liable for all partnership debts A limited partner has unlimited liability if she invests any money A limited partner is automatically a general partner

Correct Answer:

A limited partner generally is not personally liable beyond the capital contributed, provided the limited partner does not become a general partner

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