Which of these is a type of partnership in business?

A. Limited partnership
B. limited liability company
C. private partnership
D. joint-stock partnership

Correct Answer:

Option A – Limited partnership

Explanation

Limited partnership is one who has agreed to contribute a certain sum to a partnership in business and is prevented by law from taking any active part in the management and administration of the business. He is liable for debts and obligations of the partnership only up to the amount of capital he has contributed. A limited partner has limited liability.