A Special Type of Partnership in Which All Partners, Who

question 94

Multiple Choice

A special type of partnership in which all partners, who in many states must be professionals, are limited partners is called ________.

• A) general partnership
• B) limited partnership
• C) silent partnership
• D) limited liability partnership

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Definitions:

Authority

describes the power or right given to individuals or entities to make decisions, issue orders, and enforce obedience.

Unity of Command

A principle in management stating that each employee should report to one and only one supervisor, to avoid confusion and conflict.

Universal Process

A principle or method that is broadly applicable across various domains or situations, often standardized to improve efficiency and effectiveness.

Contingency

A future event or circumstance that is possible but cannot be predicted with certainty; often related to planning in management.