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Which of the following statements about a limited partnership is CORRECT? The designated limited partner...

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Accounting

Which of the following statements about a limited partnership is CORRECT?

The designated limited partner can manage the partnership at any time.

Limited partnerships must have at least one limited partner and at least two general partners.

Any limited partner who takes an active part in the management of the partnership incurs unlimited liability.

A limited partner has unlimited liability if that partner fails to make a required equity contribution.

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