BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A limited partnership (LP) exists when two or more partners go into business together, but the limited partners are only liable up to the amount of their investment. An LP is defined as having limited partners and a general partner, which has unlimited liability .

Detailed explanation-2: -Unlimited liability for general partners only. In a limited partnership (LP), at least one partner has unlimited liability-the general partner(s). The other partners (limited partners) have limited liability, meaning their personal assets typically cannot be used to satisfy business debts and liabilities.

Detailed explanation-3: -The liability of a limited partner is determined by their investment in the partnership. They generally have limited liability in the company’s debts and liabilities, up to the amount of capital that they have invested in the business.

Detailed explanation-4: -The limited partners have limited liability, meaning they are only liable for debts incurred by the partnership to the extent of their investments in the company, there is no personal liability to third parties.

Detailed explanation-5: -Detailed Solution. The correct answer is Partners should be less than 20.