PlZZZZ explain, wht is the summary of section 302 ?  I m still not clear with "Mandy Q" .

Does limited partner acts as a agent of the partnership?

PLZ explain.   

Becker and Wiley are both correct, a limited partner can act as an agent. However he/she will lose limited partner status "will be liable" to that third party to whom he/she contracted with as an agent, but they will keep their limited partner status with respect to all other creditors.

Example: Amii is a limited partner in XYZ Limited partnership, all third parties who deal with XYZ parntnerhip knows that Amii is a limited parnter except for "John". If Amii acted as an agent and contracted with John, Amii will lose limited liability status "liable" to John, but she will retain her limited partnership status with respect to all other creditors.

Hopefully that made it any easier

 hi Colly

Thanks a ton !!! i really appreciate ur help.

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