Question
Jill, a Certified Public Accountant, was a limited partner in a retail business. Every year, she did the taxes for the business and offered financial
Jill, a Certified Public Accountant, was a limited partner in a retail business. Every year, she did the taxes for the business and offered financial advice. She also made investments on behalf of the business. When the business is sued for breach of contract, which statement best describes Jill's potential liability?
Select one:
a.
Jill can only be liable to the amount of her investment since she is a limited partner.
b.Jill has no potential liability since she is a limited partner.
c.Jill's liability, as a limited partner, is limited to amount of her capital contribution.
d.
Jill can be held personally liable since she participated in management.
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