Question: Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither. Type of Organization Characteristic a. Must pay a business

Determine whether each characteristic describes a general partnership (GP), limited liability

Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither. Type of Organization Characteristic a. Must pay a business (corporate) income tax. b. Is identified with the words "LP." c. If one partner cannot pay its share of partnership debt, a creditor can take the personal assets of other partners to pay the debt d. Owners do not have to pay a corporate income tax and do not have unlimited liability. e. All owners can have management duties. f. An owner does not have unlimited liability for the actions of other owners

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