Which of the following partnerships has no limitations on the roles of partners?

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Prepare for the T-Level Finance Exam. Utilize flashcards and multiple-choice questions with hints and explanations. Get ready to excel on your test!

An ordinary partnership is characterized by the absence of limitations on the roles and responsibilities of its partners. In this type of partnership, all partners have the authority to manage the business and are fully responsible for its debts and obligations. Each partner contributes to the business's operation and decision-making without any restrictions on their involvement.

This is distinct from other types of partnerships, such as limited partnerships, where there are limited partners who invest but do not participate in daily management, or limited liability partnerships, which provide some protection against personal liability for partners. Professional partnerships usually have stipulations tailored to specific professional practices and may impose restrictions on partner roles based on professional guidelines. Therefore, an ordinary partnership allows for complete flexibility in the roles each partner can undertake, making it the correct answer to the question.

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