- 1 Marks
Question
The minimum number of general partner(s) in a valid limited partnership is:
A. Two
B. Three
C. One
D. Four
E. Five
Answer
C. One
Explanation:
A limited partnership must have at least one general partner who manages the business and has unlimited liability, while the limited partners have liability restricted to their investment and do not partake in day-to-day operations. Therefore, a minimum of one general partner is required for a valid limited partnership.
- Tags: Business Law, General Partner, Limited Partnership, Partnership
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2011
- Uploader: Theophilus