A __________ Is a Partnership in Which the Liability of the General

question 21

Multiple Choice

A __________ is a partnership in which the liability of the general partners has been limited to the same extent as in a limited liability partnership.

• A) limited partnership
• B) limited liability company
• C) limited liability limited partnership
• D) None of these are correct.

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Definitions:

Net Income

The net income is the final amount of profit a company makes after deducting all costs, taxes, and expenses from its total revenue.

Capital Balances

The amount of money that owners have invested in a firm plus any retained earnings or minus any losses.

Income Ratio

A metric used to assess the profitability of a company, often calculated as net income divided by total revenues or sales.

Unlimited Life

An accounting concept referring to corporations that continue to exist irrespective of the status or continuity of their owners.