A Relatively New Form of Business Organization That Protects Partners

question 12

Short Answer

A relatively new form of business organization that protects partners with limited liability, allows limited partners to assume an active management role, and is taxed as a partnership is a __________.

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Definitions:

Goods and Services

Products and activities provided by businesses to satisfy the needs or wants of consumers.

Joint Venture Partners

Entities that come together to engage in a specific business venture, sharing both the profits and risks.

Customer Needs

Represents the desires or requirements of consumers that businesses aim to fulfill with their products or services.

Profit Potential

The capacity or possibility for an investment or business venture to generate earnings above its costs.