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WAEC Commerce 2007 Question 9

Question 9

Business Units

Where a limited partner exists in a partnership,

  1. A.no active partner is needed
  2. B.other partners must be nominal
  3. C.at least one ordinary partner must be there.
  4. D.at least one member must be a legal practitioner.
Show the answer and explanation

Answer: C (at least one ordinary partner must be there.)

Explanation

A limited partnership must have at least one general (ordinary) partner with unlimited liability.