A business entity has the following nontax-related characteristics: Certain owners have no management rights. Death, bankruptcy, or withdrawal of certain owners does not dissolve the entity. Formation of the entity requires public filing. Capitalization is by the resources of owners. The entity with the foregoing characteristics is a

A. Sole proprietorship.
B. Limited partnership.
C. General partnership.
D. Limited liability partnership.

Answer: B. Limited partnership.

Business

You might also like to view...

Generally, the Japanese begin letters with a nonbusiness topic such as the weather

Indicate whether the statement is true or false.C

Business

Britney and Kevin were painting their backyard fence with a spray gun. A strong gust of wind blew paint on the neighbor's house. The neighbor sued them for all the clean-up costs. Which of the following is true about Britney and Kevin's HO policy?

A) This liability is covered by their HO policy. B) This liability is not covered by their HO policy because the damage occurred off their premises. C) This liability is not covered by their HO policy because the damages are not bodily injuries. D) This type of incident is specifically excluded by the HO policy.

Business