A partnership that has at least one general partner and at least one limited partner is called a

• A. General partnership
• B. Limited partnership
• C. Joint venture
• D. Real estate brokerage limited partnership

Answer: (B)

A limited partnership is the business form that includes at least one general partner who runs the business and faces unlimited personal liability, along with at least one limited partner whose liability is limited to their investment and who typically does not participate in management. This structure is what sets it apart from other forms. A general partnership has all partners manage and share personal liability; a joint venture is usually a temporary collaboration for a specific project rather than a long‑term business with both general and limited partners; and a real estate brokerage limited partnership is simply a limited partnership formed for real estate activities. The defining feature here is the combination of a general partner and one or more limited partners, making limited partnership the correct choice.