Identify which partnership form is being described. Partners have limited personal liability for business debts...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Identify which partnership form is being described.
Partners have limited personal liability for business debts as long as they do not participate in management and partners can raise cash without involving outside investors in management of business.
Owners are not personally liable of the malpractice of other partners, but owners remain personally responsible for debts of the business.
More expense to create and owners have a limited personal liability for business debts even if they participate in management.
This partnership characteristic is simple and inexpensive to create and operate, but owners are personally liable for business debts.
Choose...
Regular Partnership
Limited Liability Partnership
Limited Partnership
Limited Liability Company
Choose...
Choose...
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
