If a limited partnership fails to substantially comply with all the requirements of the state statute regarding limited partnerships, the partnership may be dissolved and the partners may be held liable for the debts of the partnership.
What is limited partnership?
as well as at least one restricted partner Limited partnerships are different from limited partnerships, which have limited liability for all partners. The GPs have the same legal status as partners in a traditional firm in all major ways: they have management authority, share the right to utilise partnership property, split the firm's profits in predetermined proportions, and also have equal and several liability for the partnership's obligations.
As in a general partnership, the GPs have real authority to bind the partnership in contracts involving 3rd parties that are in the normal course of the partnership's business, as agents of the firm.
To learn more about limited partnership
https://brainly.com/question/25012970
#SPJ4
