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Which of the following statements is not correct? (Phil CPA, 93-2) a.A limited partnership is one having at least one general partner and one limited

Which of the following statements is not correct? (Phil CPA, 93-2)

a.A limited partnership is one having at least one general partner and one limited partner and the limited partner shall not be liable for the obligations of the partnership.

b.The contract of partnership is void if it contains a stipulation which excludes a partner from sharing in the profits of the firm.

c.A partnership contract is not covered by the Statute of Fraud.

d.A limited partner who takes active part in the management of the firm becomes liable as a general partner.

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