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Laura is an investor limited partner in a limited partnership. Two years after s

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Laura is an investor limited partner in a limited partnership. Two years after s

Laura is an investor limited partner in a limited partnership. Two years after she becomes a limited partner, Laura thinks that the general partners are not doing a very good job managing the affairs of the limited partnership and participates in the management of the limited partnership. While she is doing so, a bank loans $1 million to the limited partnership, believing that Laura is a general partner. If the limited partnership defaults on the $1 million loan, which of the following holds well?
A) Laura is not personally liable as she is a limited partner on paper.
B) Laura is personally liable as the bank, in good faith, thought she is a general partner.
C) Laura has unlimited personal liability as a limited partner.
D) Laura's liability is restricted to the value of her capital investment in the partnership.

This is for my business law class, anything will help

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Desolo Author

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10 years ago

Thanks it was right

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Matthew K.

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3 years ago

Thanks for the right answer!

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