A Limited Partnership Is

question 61

Multiple Choice

A limited partnership is:

• A) the most basic type of business organization in which there is only one owner.
• B) a legal entity that must be chartered by the state in which it is headquartered, giving it the authority to enter into legal agreements with individuals and other corporations.
• C) a business that may have several general partners and several more limited partners who do not have unlimited liability.
• D) a special format designed to eliminate the problem of double taxation that one might find with a C-corporation format.
• E) an organizational form that can be limited to a single individual or several other owners or shareholders.

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Definitions:

Nervous System

The body’s electrochemical communication circuitry.

Pulmonary

Related to the lungs or the respiratory system.

Endocrine

Pertains to the system of glands that release hormones directly into the bloodstream to regulate bodily functions.

Respiratory

Pertaining to the process of inhaling oxygen and exhaling carbon dioxide from the body.