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Which one of the following statements about a limited partnership is correct? a. The partnership is managed on a daily basis by its limited partners.

Which one of the following statements about a limited partnership is correct?

a. The partnership is managed on a daily basis by its limited partners.

b. Each limited partnership must have at least one general partner.

c. The partnership has an unlimited life.

d. All partners have limited liability for partnership debts.

e. Partnership profits are taxed the same as corporate profits.

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