Identify which forms of business organization provide the owners with limited liability for the business's obligations and which forms of organization allow the owners to participate in the management and control of the business
Limited liability exists for the limited partners in a limited partnership, members of limited liability companies, partners in a limited liability partnership or a limited liability limited partnership, and shareholders of corporations. In a sole proprietorship, the owner completely controls the business. Partners in a general partnership or joint venturers have equal right to control the business. General partners in a limited partnership have an equal right to control the partnership, but limited partners have no right to participate in control. All members of an LLC may participate in management and control. Shareholders in corporations do not have direct control, but elect a board of directors to manage the business. The trustees in a business trust have the exclusive right to manage and control the business free from control of the beneficiaries.
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