Match the term with its definition.
-A partner in a limited partnership who is not active in the management of the partnership and has limited personal liability

Question

Quizplus · Accepted Answer

A limited partner is a partner in a limited partnership who is not active in the management of the partnership and has limited personal liability.

Answer: B
 A general partner is a partner in a limited partnership who is active in the management of the partnership and has unlimited personal liability.

Answer: D
 A limited liability company is a type of business entity that combines the liability protection of a corporation with the tax benefits of a partnership.

Answer: G
 A partnership agreement is a written agreement between partners in a partnership that outlines the terms and conditions of the partnership.

Answer: H
 A sole proprietorship is a type of business in which an individual owns and operates the business and is personally liable for its debts and obligations.

Answer: F
 A nonprofit corporation is a type of corporation that is organized for a purpose other than generating a profit, such as charitable, educational, or religious purposes.

Answer: A
 A board of directors is a group of individuals who are elected by shareholders to govern and set the policies of a corporation.

Answer: C
 A legal entity is a type of organization that is recognized by law as having its own legal rights and liabilities, separate from those of its owners or members.

Answer: I
 A social network is a platform or website that allows users to create and share content or to participate in social networking.

Match the Term with Its Definition