Final answer:
General partners are personally liable for a business's debts, but not all limited partners are.
Step-by-step explanation:
In a general partnership, all partners are personally liable for the business's debts. This means that if the business goes bankrupt or faces a lawsuit, the partners can lose their personal assets to cover these financial obligations.
However, in a limited partnership, the partners have different levels of liability. General partners have unlimited personal liability, while limited partners have limited liability and are not personally responsible for the business's debts beyond their investment.
Therefore, the statement that 'All general partners and majority of limited partners are liable for pre-conversion' is False. General partners are always liable, but limited partners are generally not.