Question

question 7
a type of business ownership in which one or more of the owners does not have full liability is called a
○ limited partnership.
○ sole proprietorship.
○ service organization.
○ general partnership.

Explanation:

To solve this, we analyze each option:

• Limited partnership: In a limited partnership, there are general partners (with full liability) and limited partners (with liability limited to their investment, so not full liability). This matches the description.
• Sole proprietorship: The sole owner has full liability for the business's debts. So this is incorrect.
• Service organization: This refers to a type of business that provides services, not a type of ownership with limited liability. Incorrect.
• General partnership: All partners have full liability for the partnership's obligations. Incorrect.

Answer:

A. limited partnership