Which of the following would be an appropriate form of business organization for Kitty and her parents such that her parents could invest but not participate in management?
A) General partnership
B) Limited partnership
C) Managed partnership
D) Combined partnership
E) Family-Based partnership

Question

Quizplus · Accepted Answer

A limited partnership (LP) is an agreement between at least one general partner and at least one limited partner. The general partners assume unlimited personal liability for the partnership's debts, but the limited partners, assume no liability beyond the capital they have invested in it and take no part in its management.

Which of the Following Would Be an Appropriate Form of Business