Question

partnership business types worksheet
part 1: vocabulary & definitions
match each partnership type with the correct definition.
types of partnerships
a. general partnership
b. limited partnership (lp)
c. limited liability partnership (llp)
d. joint venture
definitions

1. a temporary partnership between two or more businesses for a specific project.
2. a partnership where all partners share equally in management, profits, and liability.
3. a partnership where some partners are only investors and have limited liability, while others run the business.
4. a partnership where all partners can participate in management, but liability is limited to their investment.

Explanation:

1. A joint venture is a temporary partnership for a specific project. 2. In a general partnership, all partners share equally in management, profits, and liability. 3. A limited partnership has some partners as investors with limited - liability and others running the business. 4. In a limited liability partnership, all partners can participate in management and have liability limited to their investment.

Answer:

1. D. Joint Venture
2. A. General Partnership
3. B. Limited Partnership (LP)
4. C. Limited Liability Partnership (LLP)