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Tatka75
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Posted: 27 Aug 2009 at 14:40 \| IP Logged

Which of the following is coorrect with respect to a limited partnership?

a. A limited partner may not be an unsecured creditor

b. A general partner nay not also be a limited partner

c. a general partner may be a secured creditor of the LP

d. A limited partnership can be formed with limited liability for all partner

Correct answer is c.

But I don't understand how general partner may be a limited partner at the same time. Any ideas?

Thank you

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kj_nyc
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Posted: 27 Aug 2009 at 14:53 \| IP Logged

The general partner can own more than one interest in the partnership, one as a general partner and another one as a limited partner.

Tatka75
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Posted: 27 Aug 2009 at 15:11 \| IP Logged

kj_nyc wrote:

The general partner can own more than one interest in the partnership, one as a general partner and another one as a limited partner.

Aha, thanks. kj-nyc...

PS l can't get an idea why somebody would do that? What is a reasoning for separation of interest like that?

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