A partnership that consists of one general manager that manages the business and one or more partners that are not involved in the business is called a __________.

Question

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A limited partnership consists of one general manager who manages the business and one or more partners who are not involved in the business. The general manager has unlimited liability for the partnership's obligations, while the limited partners have limited liability up to the amount of their investment. A general partnership involves all partners being actively involved in the business and sharing equal liability, while a proprietorship is owned and operated by one person. A limited liability corporation is a separate legal entity that provides limited liability protection to its owners.

A Partnership That Consists of One General Manager That Manages