Question
Tianci and Dongsheng talked about forming a limited partnership in order to carry on their import business with Tianci as the general partner and Dongsheng
Tianci and Dongsheng talked about forming a limited partnership in order to carry on their import business with Tianci as the general partner and Dongsheng as the limited partner. Tianci and Dongsheng each invested $20,000 in the business. However, they forgot to register their business as a limited partnership. The business did not do well, and after not paying the rent for their warehouse for six months Tianci left Halifax and Dongsheng has not been able to contact her.
But Dongsheng is confident he won't have to pay the six months rent because he is a limited partner. Is he correct? Why/Why not?
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