partnership allows some partners to have limited liability. One partner must be a general partner, who assumes management duties and unlimited liability for the debts of the partnership unlimited O general O limited Match the type of business to the correct set of characteristics Limited partnership Limited liability partnerships S corporation Provides all shareholders with limited liability, but allows them to elect to be treated as partnership for tax purposes Protects innocent partners from malpractice or negligence claims of other partners Has both general partners and limited partners