Final answer:
The true statement about limited partnerships is that they have at least one general partner responsible for the business's debts. Limited partners' liability is restricted to their investment, and they must not actively manage the business to maintain this protection.
Step-by-step explanation:
The correct statement about limited partnerships is the first one: a limited partnership has at least one general partner who is responsible for the debts of the partnership. In a limited partnership, general partners have unlimited liability and are responsible for the management and obligations of the business, whereas limited partners have their liability limited to their investment; they do not manage the business and are not responsible for its debts beyond their contribution.
Limited partners must not actively participate in controlling or managing the business in order to maintain their limited liability status. Sharing in profits does not imply a shared liability beyond the initial investment for limited partners. The standout feature of a limited partnership is the protection it provides to limited partners from personal liability for the partnership's obligations, provided they do not take on an active management role.