Are Limited Partners Personally Liable? Because limited partners do not manage the business, they are not personally liable for the partnership’s debts. A creditor may sue for repayment of the partnership’s debt from the general partner’s personal assets. Can you sue a partnership? A partnership retains the right to sue a partner if they breach
Who Is A Dormant Partner? This is a partner that does not participate in the daily functioning of the partnership firm, i.e. he does not take an active part in the daily activities of the firm. … He will continue to share the profits and losses of the firm and even bring in his share
Who Can Manage A Limited Partnership? Management of a limited partnership rests with the “general partner,” who also bears unlimited liability for the company’s debt and obligations. A limited partnership allows for any number of “limited partners,” whose liability is limited to the total amount of their investment in the company. Who are the members