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Match the Following Types of Ownership Structures with the Descriptions

Question 89

Matching

Match the following types of ownership structures with the descriptions listed below.

Premises:
Partners are responsible for their own wrongful acts but not the wrongful acts of other partners.
Created as part of the Internal Revenue Code
Business Income taxed only once.
Can have no more 75 members
Limited partners can not manage the business
All owners have full ownership rights and number of owners is not limited.
Responses:
Limited Liability Company
Limited Liability Partnership
Subchapter S Corporation
Limited Partnership
All of the above

Correct Answer:

Partners are responsible for their own wrongful acts but not the wrongful acts of other partners.
Created as part of the Internal Revenue Code
Business Income taxed only once.
Can have no more 75 members
Limited partners can not manage the business
All owners have full ownership rights and number of owners is not limited.
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