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Author Question: Describe the basic features of limited partnerships and limited liability ... (Read 49 times)

asmith134

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on: Jul 14, 2018
Describe the basic features of limited partnerships and limited liability partnerships.

Question 2

When the owner of a sole proprietorship dies, what becomes of the business?
 A) The employees take over the business.
  B) It ceases to exist unless the heirs take it over or sell it.
  C) It is automatically auctioned to the highest bidder.
  D) It ceases to exist, and no one may legally take it over.
  E) It may continue existing but only under a new name.


aprice35067

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Reply #1 on: Jul 14, 2018
Answer to Question 1

A limited partnership consists of at least one general partner, who participates actively in managing the company and assumes unlimited liability, and at least one limited partner, who gives up the right to participate in management in exchange for limited liability. Both types of partners contribute financially to the company and share in its profits.
The limited liability partnership is a relatively new form of partnership that allows all partners to participate in management while retaining some degree of limited liability. The amount of liability protection offered by LLPs varies among states.

Answer to Question 2

B


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