Question

In a limited partnership:

A. general partners have limited liability for the firm's debts.

B. a certificate of limited partnership must be filed with the secretary of state's office.

C. limited partners are participating investors.

D. general partners take a limited part in the management of the firm.

Answer 1

B. a certificate of limited partnership must be filed with the secretary of state's office.

Step-by-step explanation:

A limited partner does not actively run the business. However a general partner is in charge of day-to-day business operations. To be considered a limited partner, a certificate of limited partnership must be filed with the secretary of state's office. This partner would therefore not be personally liable for debts of the business; meaning, he/she will not sell his/her personal property to cover for the business losses.