Answer:
B. a promise by a limited partner to contribute to the limited partnership is not enforceable unless it is in a signed writing.
Explanation:
A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.
A limited liability company can be defined as a private company in which the owners are legally responsible for the company's debts but only to the amount of capital he or she has invested. The LLC can be referred to as a hybrid business entity that combines the limited liability-shield of a corporation with the pass-through taxation of a sole-proprietorship or partnership business.
In the United States of America, the owner of a LLC is not legally liable for the company's liability or debts.
Limited partnerships have two classes of partners. These two (2) classes are;
1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.
2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.
Capital resources include the physical assets used for production of goods and services such as equipment, money, plant, etc.
Hence, with regard to a limited partner's capital contribution to the limited partnership, a promise made by one of the limited partners with respect to contributing to the limited partnership isn't enforceable unless it is explicitly and expressly stated in writing with an accompanying signature.
