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If a limited partner votes on an amendment to the partnership agreement allowing a new business venture, he will not lose his limited status.
Limited Status
A condition where certain rights or privileges are restricted or not fully granted compared to full status.
Partnership Agreement
A contract among partners in a business that outlines the terms of the relationship, including contributions, distributions, and decision-making.
New Business Venture
A newly established business endeavour, typically characterized by innovation, entrepreneurship, and risk.
- Understand the voting rights and conditions under which a partner may or may not lose their limited liability status.
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Learning Objectives
- Understand the voting rights and conditions under which a partner may or may not lose their limited liability status.
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