What Type of Partnership Is Designed for Professionals Working in a Partnership

question 46

Multiple Choice

What type of partnership is designed for professionals working in a partnership so that partners will not be held liable for the negligent actions (and resulting liabilities) of other partners but they will still be liable for the general obligations of the business?

• A) Limited partnership.
• B) Limited liability partnership.
• C) Limited liability company.
• D) General partnership.

---

Definitions:

Land Rent

Payment made to the owner of land for the right to use the land, distinct from payments made for buildings or other improvements.

Henry George

A 19th-century economist known for his advocacy of a single tax on land value to improve social equity.

Land Rent

The payment made for the use of land, typically based on its value and location.

Products Produced

The goods and services created as a result of the production process by an individual, company, or economy.