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

Accounting Jan 26, 2021

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.

Expert Solution

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

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