Partnerships are organized as either:
A) specific or general partnerships
B) narrow or broad partnerships
C) inward or outward partnerships
D) general or limited partnerships
E) partial or full partnerships

Question

Quizplus · Accepted Answer

Partnerships are most commonly organized as either general or limited partnerships. In a general partnership, all partners are equally responsible for the management of the business and share in its profits and losses. In a limited partnership, there are both general partners who have management control and unlimited personal liability, and limited partners who are more like passive investors with limited liability. This is the most common and well-established way of organizing partnerships.

Partnerships Are Organized as Either