Which of the following best describes the term 'limited partnership'?
Practice Questions
1 question
Q1
Which of the following best describes the term 'limited partnership'?
A partnership where all partners have unlimited liability
A partnership with at least one general partner and one limited partner
A partnership that is formed for a specific project only
A partnership that does not require a formal agreement
A limited partnership consists of at least one general partner who has unlimited liability and one or more limited partners who have limited liability.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following best describes the term 'limited partnership'?
Solution: A limited partnership consists of at least one general partner who has unlimited liability and one or more limited partners who have limited liability.
