A is corrent. The requirement is to identify the business entity that has all three attributes. A limited liability company can permit all of the owners to participate in management, limit the liability of all owners, and absent an agreement to the contrary will be dissolved on the death, withdrawal, or bankruptcy of an owner.
B is incorrect because all of the owners of a corporation normally do not participate in management. In addition, death, withdrawal, or bankruptcy of a shareholder does not result in dissolution of the corporation.
C is incorrect because a limited partnership must have at least one general partner that does not have limited liability. In addition, limited partners do not participate in management.
D is incorrect because none of the owners of a general partnership have limited liability.
|
