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Homework answers / question archive / Which of the following has most of the characteristics of a general partnership except that it significantly reduces the partners’ liability? Multiple Choice General Partnership
Which of the following has most of the characteristics of a general partnership except that it significantly reduces the partners’ liability?
Multiple Choice
General Partnership.
Limited Partnership.
Subchapter S Partnership.
Limited Liability Partnership.
Limited Liability Company.
| Limited Liability Partnership has most of the characteristics of a general partnership except that it significantly reduces the partners’ liability. | ||
| In a Limited Liability Partnership, the liability of partners is limited to the extent of their capital balances and are not responsible for other partner's liability. | ||
| Limited Liability Partnership is correct option |
