Asked by
dakota mclaren
on Nov 09, 2024
Verified
Alice is co-owner of a company where she has unlimited liability. However, there are three additional co-owners within the same company that have limited liability. This company can best be described as a/an ______.
A) unlimited partnership
B) limited partnership
C) uniform partnership
D) limited-liability company
Unlimited Liability
A legal structure in which business owners are personally responsible for all of the company's debts.
Limited Partnership
A limited partnership is a form of business ownership where there are one or more general partners, who manage the business and are personally liable for its debts, and one or more limited partners, who invest money but have limited liability and do not participate in management.
- Differentiate between various forms of limited liability entities and their implications for business owners.
Verified Answer
BB
Learning Objectives
- Differentiate between various forms of limited liability entities and their implications for business owners.