Question

Three of the following enumerations are rights of a general partner in a limited partnership which are also enjoyed by a limited partner? Which is the exception?

a. To have the books of the partnership kept at the principal place of business of the partnership and at a
reasonable hour to inspect and copy of them
b. To have on demand true and full information of all things affecting the partnership and a formal account of
partnership affairs whenever circumstances render it just and reasonable
c. To have dissolution and winding up by decree of court
d. To have all rights and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners.
e. None of the above.

Answer 1

Option (d) is the exception as it refers to rights and liabilities of a partner in a general partnership, which does not apply to limited partners who have less involvement and liability.

Step-by-step explanation:

The rights of a general partner in a limited partnership generally differ from those of a limited partner. Both may enjoy certain rights such as inspecting the books of the partnership and demanding true and full information about partnership affairs. However, the main difference lies in the level of involvement and liability within the partnership.

For instance, a general partner has a right to participate in the management of the partnership, which is typically not the case for a limited partner. Specifically, option (d) To have all rights and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners is the exception when comparing the rights of limited partners to the rights of general partners. Limited partners do not have the same management rights or personal liability as general partners do.