# Series 7 Exam Prep 34, Direct Participation Programs

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-34-direct-participation-programs
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-34-direct-participation-programs.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-07-11T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-7-exam-prep-34-direct-participation-programs
Audio file: https://episodes.captivate.fm/episode/6f9e36c6-47fb-47a2-81ad-e1c68bb4dce7.mp3
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JSON: https://stenobird.com/v1/public/podcasts/open-exam-prep-7140559/episodes/series-7-exam-prep-34-direct-participation-programs
Duration seconds: 208

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The distinct roles and liability of general partners (unlimited liability, active management) versus limited partners (limited liability, passive investors). - That DPPs pass through both income and losses, and these passive losses can only offset passive income, not active or portfolio income. - Why DPPs are considered highly illiquid investments, making them unsuitable for investors with short-term liquidity needs. - The strict suitability standards for DPPs, which are typically only appropriate for high-net-worth, sophisticated investors in high tax brackets. - The function of a subscription agreement as the formal application for an investor to be accepted into a limited partnership by the general partner. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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