Question: Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither. a. All owners can have management duties. Characteristic

(LLC), both, or neither. a. All owners can have management duties. Characteristic

Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither. a. All owners can have management duties. Characteristic b. When the business cannot pay its debts, creditors can take the owners' personal assets. c. The owners are often referred to as members. d. An owner does not have unlimited liability for the actions of other owners. e. Must pay a business (corporate) income tax. f. A type of corporate organization with fewer than 100 owners. Type of Organization Neither General partnership Both Limited liability company Neither

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