The correct option is : <u>the </u><u>law </u><u>of the state in which it is </u><u>organized.</u>
<h3>What is limited partnership?</h3>
Limited partnership (LP) is a type of partnership organization that limits the personal liability of some partners. In general partnerships, every partner remains personally liable for the debts and obligations of the partnership.
A limited partnership (LP)—not to be confused with a limited liability partnership (LLP)—is a partnership made up of two or more partners. The general partner oversees and runs the business while limited partners do not partake in managing the business. However, the general partner of a limited partnership has unlimited liability for the debt, and any limited partners have limited liability up to the amount of their investment.
There are three forms of partnerships:
- Limited partnership.
- General partnership.
- Limited liability partnership.
Therefore, we can conclude that the correct option is D.
Your question is incomplete, but most probably your full question was:
Which of the following governs a limited partnership, its internal affairs, and the liability its limited partners?
A. the federal government
B. all states in which the business operates
C. the articles of limited partnership
D. the law of the state in which it is organized
Learn more about Limited liability partnership on:
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