Unlike a(n) ________ partnership in which partners share profits, liabilities, and management responsibilities, the partners in a(n) ________ partnership contribute an investment but do not have any management responsibility or liability.
A) general; limited
B) LLP; general
C) general; MLP
D) MLP; LLP
E) limited; MLP

Question

Quizplus · Accepted Answer

In a general partnership, partners share profits, liabilities, and management responsibilities equally. In a limited partnership, some partners contribute financially but do not take part in management or bear liability beyond their investment.

Unlike A(n) ________ Partnership in Which Partners Share Profits, Liabilities