WAEC SSCE - Commerce - 2006 (Objective)

Question 1 Report

In a limited partnership, one of the members must be

a general partner

a nominal partner

an active partner

a dormant partner

Answer Details

In a limited partnership, there are two types of partners: general partners and limited partners. The general partner is the person who manages the business and is responsible for its debts and obligations. The limited partner is a passive investor who has limited liability and is not involved in managing the business. Therefore, in a limited partnership, there must be at least one general partner who is responsible for the business's management and operation.






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