In this type of partnership some partners may have only partial liability as well as restricted input with management decisions. These restrictions will reflect the percentage of the initial investment made by each partner.

ENTREPRENEURS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	General Partnership
B	Limited Partnership
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).

Detailed explanation-2: -About 20 percent of small businesses in the United States are concentrated in the goods-producing sector. The remaining 80% are in the service sector (Small Business Administration, 2010).

Detailed explanation-3: -LLC partnership (also known as a multi-member LLC) Limited liability partnership (LLP) Limited partnership (LP) General partnership (GP) 18-Sept-2019

Detailed explanation-4: -Make sure you share similar values. Set clear expectations from the start. Outline how you’ll manage business finances. Decide what type of legal partnership you’ll choose. Decide how you’ll handle partnership dissolution. Have an attorney draw up legal documents. 05-Nov-2020

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

ENTREPRENEURS