Asked by
France Dominique
on Nov 21, 2024
Verified
A partnership in which the partners share management responsibilities equally, but some partners are limited in regards to the amount of profit distribution to which they are entitled is an example of a limited partnership.
Limited Partnership
A form of partnership consisting of one or more general partners who manage the business and assume legal debts and obligations, and one or more limited partners who are liable only up to the amount they invest.
- Identify the legal consequences of actions taken by partnerships and the duties of partners within a business context.
Verified Answer
MG
Learning Objectives
- Identify the legal consequences of actions taken by partnerships and the duties of partners within a business context.