A limited partner is liable to the partnership for which of the following?

Prepare for your Partnership and Corporation Exam with engaging flashcards and multiple-choice questions. Each question comes with hints and detailed explanations. Boost your confidence and ace the exam!

A limited partner's liability in a limited partnership is primarily defined by their role in the partnership and the extent of their contributions. A limited partner is generally not personally liable for the debts of the partnership beyond their capital contributions, which is one of the main advantages of being a limited partner.

When looking at the factors determining liability, it becomes clear that a limited partner is indeed liable for any unpaid contributions that are specifically agreed upon in the partnership certificate. This means if the limited partner has committed to contribute a certain amount but has not fully paid that amount, they remain liable for that unpaid amount up to the agreed contribution.

Additionally, if a limited partner’s actual contribution differs from what is stated in the partnership certificate, they can be held liable for the difference. This provision protects creditors and ensures that the partnership has the necessary capital to operate, and it keeps all partners, including limited partners, accountable for their commitments.

Therefore, the correct answer encompasses both the liability for the difference between the actual contribution and what is stated as well as any unpaid contributions that were agreed upon. This comprehensive understanding of a limited partner’s liability is critical in recognizing the legal implications of partnership agreements.

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