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Partners who erroneously, but in good faith, believe they have become limited partners can escape liability as general partners by ________. a) Dissolving the partnership b) Filing for bankruptcy c) Notifying the limited partners d) Amending the partnership agreement

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Answer:

Partners who erroneously, but in good faith, believe they have become limited partners can escape liability as general partners by d) Amending the partnership agreement.

Step-by-step explanation:

Partners who erroneously but in good faith believe they are limited partners can escape that liability by either:

  • Causing the appropriate certificate of limited partnership (or certificate of amendment) to be filed
  • Withdrawing from any future equity participation in the enterprise.

A limited liability partnership (LLP) is a type of partnership where all partners have limited liability. All partners can also partake in management activities. This is unlike a limited partnership, where at least one general partner must have unlimited liability and limited partners cannot be part of management.

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