A Partnership That Has Two Classes of Partners, General and Limited

question 86

Multiple Choice

A partnership that has two classes of partners, general and limited, where the limited partners have no personal liability beyond the amounts they invest in the partnership, and no active role in the partnership, except as specified in the partnership agreement is a:

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

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Definitions:

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