A ____ is an unincorporated business association consisting of at least one general partner and at least one limited partner.
A) joint venture
B) limited liability company
C) limited liability partnership
D) limited partnership

Question

Quizplus · Accepted Answer

The definition describes a limited partnership, which consists of one or more general partners who have unlimited personal liability for the partnership's debts and at least one limited partner who contributes capital but has limited liability. A joint venture is a business relationship between two or more parties to carry out a specific project or enterprise. A limited liability company (LLC) is a hybrid entity that combines the liability protection of a corporation with the tax benefits of a partnership. A limited liability partnership (LLP) is a type of partnership where all partners have limited liability for the partnership's debts.

A ____ Is an Unincorporated Business Association Consisting of at Least