An entity wherein one or more owners may elect to actively manage the ﬁrm while other owners choose limited liability instead of management responsibility is called a:
A) Corporation.
B) General partnership.
C) Limited liability corporation.
D) Limited liability company.
E) Limited partnership.

Question

Quizplus · Accepted Answer

A limited partnership allows some owners to have limited liability without management responsibilities, while others manage the firm.

An Entity Wherein One or More Owners May Elect to Actively