Question: Determine whether each characteristic describes a general partnership (GP) , limited liability company (LLC), both, or neither. a. A type of corporate organization with fewer

Determine whether each characteristic describes a general partnership (GP) , limited liability company (LLC), both, or neither.

a. A type of corporate organization with fewer than 100 owners.

b. All owners can have management duties.

c. When the business cannot pay its debts, creditors can take the owners' personal assets.

d. The owners are often referred to as members.

e. An owner does not have unlimited liability for the actions of other owners.

f. Must pay a business (corporate) income tax.

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