DC Bar Practice Questions - District Of Columbia Bar Examination Exam

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A general partner and a limited partner form a limited partnership. Which statement correctly describes the limited partner's liability for partnership obligations?

The limited partner is personally liable for all partnership debts The limited partner has no liability under any circumstances The limited partner's liability is generally limited to the amount of capital contributed, absent participation in control The limited partner is jointly and severally liable like a general partner

Correct Answer:

The limited partner's liability is generally limited to the amount of capital contributed, absent participation in control

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