George is general partner and dan is limited partner

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Reference no: EM131579217

George and Dan decided to form a limited partnership in which George is the general partner and Dan is the limited partner. Each invests $25,000. Dan, eager to use some of thr knowladge he obtained in college, decides to take an active role in the management of the partnership. In a law suit alleginf negligence by the partnership, which of the following best describes the extent of the potential liability of Dan?

a. Dan is limited to $25,000 in liability.

b. Dan is potentially liable for $25,000 plus any personal assets.

c. Dan has no liability.

d. Dan is personally liable only for the amount of damage he perrsonally caused.

Reference no: EM131579217

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