Author Question: A limited partnership is different from a limited liability partnership in that, in a limited ... (Read 55 times)

EY67 · **on:** Jul 14, 2018

A limited partnership is different from a limited liability partnership in that, in a limited partnership:
A) all members have limited liability.
B) only the members with unlimited liability are allowed to manage the firm.
C) only the members who have the protection of limited liability actively participate in the management of the firm.
D) all members actively participate in the management of the firm.

Question 2

B&G, Inc

A year ago, Kevin went to work for B&G, Inc He has worked for the finance department ever since he started. He noticed that the corporation was only taxed as though it were a partnership. This was something that he found very odd when he first started working for the company, but he later realized it was a fairly common practice. He recognized that this was one of the advantages of this type of corporation.

While the job was challenging, Kevin was not happy. He wanted to work for a company whose main goal was to provide service to the community, not to make a profit. However, Kevin felt that, considering his present financial situation, he had to continue working for B&G, Inc A week later, Kevin discovered there was going to be a merger between B&G, Inc and one of its major competitors. Kevin's boss informed him that he would be getting a promotion and a raise. While he was excited about making more money, he still was not happy. He knew then that he would not be working for the company for long.

Refer to B&G, Inc What type of organization is B&G, Inc?
A) Sole proprietorship
B) Limited-liability company
C) S-corporation
D) Not-for-profit corporation
E) Cooperative