In general partnerships, every partner has the statutory right to participate in the management of the partnership.
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Question:
In general partnerships, every partner has the statutory right to participate in the management of the partnership.
a. Why do you think limited partners are prohibited in the management of the limited partnership in some states?
b. Why do you think some states have adopted statues that specifically provide that limited partners do not lose their limited liability status just because they participate in the limited partnership's management
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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