Limited Partnership Ken, Keith and Brandy form a limited partnership to operate

Question

Limited Partnership

Ken, Keith and Brandy form a limited partnership to operate a lawn care business.Brandy invests the start-up capital and is a limited partner.Ken and Keith are general partners who operate the business on a daily basis.While mowing the lawn of a wealthy physician, a rock is thrown into an imported stained glass window valued at over $20,000.00.The physician sues Ken, Keith and Brandy, claiming that they are personally liable for the debts of their partnership.

Questions:

1. Which, if any, partners could have personal assets at risk and which, if any, would not.

2. Why?(2 points)

Explanation / Answer

Ken and Keith as general partners can have assets at risk because general partners are liable for business debts

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