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Source Preincorporation Contracts Complete Business Associations List Matched to this deck.

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A properly formed limited partnership defaults on a supplier contract. The supplier seeks to collect from a passive limited partner's personal assets solely because the limited partner owns a 40 percent limited partner interest.
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The limited partner is personally liable because limited partners are the only managers of LPs. The limited partner is personally liable if the LP fails to make a profit. The limited partner is generally not personally liable for LP obligations solely by reason of being a limited partner. The limited partner has no economic risk at all, including loss of her contribution.

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