Asked by Dominika Roybal on Apr 24, 2024
Verified
The certificate of a limited partnership must be amended if a new general partner is admitted.
Certificate
A document serving as proof or evidence of ownership or entitlement, such as a certificate of stock, birth certificate, or certificate of completion.
General Partner
A partner in a partnership who has unlimited personal liability for the debts of the business and takes part in its day-to-day management.
Limited Partnership
A business structure where one or more partners have limited liability and are not involved in the day-to-day management, juxtaposed with at least one general partner who has unlimited liability.
- Master the essentials for establishing, revising, and winding up a limited partnership, including the involved paperwork.
Verified Answer
JK
Justyna Kozlowska8 days ago
Final Answer :
True
Explanation :
When a new general partner is admitted into a limited partnership, the certificate of the partnership typically must be amended to reflect this change, as the identity of general partners is a material fact that affects the partnership's legal and operational status.
Learning Objectives
- Master the essentials for establishing, revising, and winding up a limited partnership, including the involved paperwork.