Explain the duties and rights of a limited partner.

Obligations of a limited partner
• Not to take part in the management of the firms business.
• Not to compete with the firm.
• Disclose any personal interest to avoid conflict of interest.
• Not to withdraw or receive back his share during the currency of the firm.
Rights of a limited partner
• To inspect the firms books of accounts.
• To assign his share to another person.
• To receive his share of profit.
• Right not to be compelled to contribute to the assets of the company.



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