In a limited partnership investing in commercial rental properties, what is a key characteristic?

In a limited partnership, a key characteristic is that limited partners have limited liability, meaning they can lose no more than their initial investment in the partnership. This structure protects their personal assets from the partnership's debts and obligations beyond what they have committed to invest. This principle is designed to encourage investment while minimizing risk for those who are not actively managing the business.

In contrast, the general partner in a limited partnership holds unlimited liability and is responsible for the management and operation of the partnership. This distinction highlights why limited partners are at a lesser risk, as they do not manage the business and thus are not exposed to the same level of financial responsibility.

The other options misrepresent the nature of a limited partnership. For instance, while all partners do contribute to the investment, there's no requirement like a minimum investment amount such as $15,000. Additionally, it is not true that all partners have equal say and equal liability; only those who are general partners share in the management responsibilities and liabilities equally, while limited partners do not participate in day-to-day management. The general partner is also not defined by the size of their investment but by their role in managing the partnership.