A Partnership That Consists of Two Classes of Partners, One

question 27

Multiple Choice

A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a:

• A)limited partnership
• B)general partnership
• C)limited liability partnership
• D)mutual agency

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Definitions:

Rawls

John Rawls was an American political philosopher in the liberal tradition, best known for his theory of justice as fairness.

Underlying Principles

The fundamental ideas or concepts that form the basis of a system, theory, or philosophy.

Public System

A structured organization or network managed or funded by the government that provides goods or services to the public.

Rights and Duties

The legal, ethical, and moral entitlements individuals possess and the obligations they are bound to perform.