Q961
Type of partnership in which liabilities are limited for business owners is classified as
A.
unlimited partnership
B.
limited partnership
AnswerC.
joint corporate
D.
joint venture
Answer: Option B
Solution
Answer: Option B
Solution:
Type of partnership in which liabilities are limited for business owners is classified as limited partnership. A limited partnership (LP) not to be confused with a limited liability partnership exists when two or more partners unite to conduct a business in which one or more of the partners is liable only up to the amount of their investment.