Identify which partnership form is being described.

Partners have limited personal liability for business debts as long as they do not participate in management and partners can raise cash without involving outside investors in management of business.

Owners are not personally liable of the malpractice of other partners, but owners remain personally responsible for debts of the business.

More expense to create and owners have a limited personal liability for business debts even if they participate in management.

This partnership characteristic is simple and inexpensive to create and operate, but owners are personally liable for business debts.

$$ Choose...

Regular Partnership

Limited Liability Partnership

Limited Partnership

Limited Liability Company

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