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LegalCornerTM - Partnerships F.A.Q.'s

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Q.Can a limited partner lose his or her limited liability protection?

A.Yes. A limited partner risks losing limited liability protection if he or she engages in the management of the partnership (acts like a general partner). With partnerships, the term "limited liability" means that the limited partners' liability for the partnership debts and obligations will be limited to the amount of the limited partner's capital contribution. General partners, on the other hand, have no such limited liability protection.

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