Which of the following statements about partnership and limited liability is(are) true? I) all the partners in a partnership can have limited liability
II) general partners in a partnership cannot have limited liability
III) general partners in a partnership can be corporations
IV) only limited partners in a partnership can have limited liability
A) I and II only
B) I, II and III only
C) II, III and IV only
D) I and III only

Question

Quizplus · Accepted Answer

General partners cannot have limited liability, but they can be corporations. Only limited partners can have limited liability.

Which of the Following Statements About Partnership and Limited Liability