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A partnership that has two classes of partners, general and limited, where the limited partners have no personal liability beyond the amounts they invest in the partnership, and no active role in the partnership except as specified in the partnership agreement is a:

a) Mutual agency partnership.

b) Limited partnership.

c) Limited liability partnership.

d) General partnership.

e) Limited liability corporation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946051

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