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Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LC), and limited liability partnership (LP). Different forms of businesses have
Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LC), and limited liability partnership (LP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a limitud liability partnership? Check all that apply, Only general owners, not limited owners, allowed to participate in daily management of the firm Profits taxed only at individual level, not at business level Limited financial liability available to owners with limited status, but not to those with general status Might be an S corporation
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