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Ryan and Carly are planning to enter into a limited partnership in which neither the general partners nor the limited partners have personal liability for the debts and obligations of the partnership. They agree that debts of the partnership are solely the responsibility of the partnership, not of the general or the limited partners. According to their agreement, Ryan and Carly are forming a ________.

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anthougo

According to their agreement, Ryan and Carly are forming a Limited Liability Partnership.

What is a limited liability partnership?

A limited liability partnership is a business structure that allows partners' liabilities to be limited to the amount they agreed to contribute to the partnership.

The purposes of establishing a partnership are:

  • Spreading the risk
  • Leveraging individual skills and expertise
  • Establishing a division of labor.

Thus, according to their agreement, Ryan and Carly are forming a Limited Liability Partnership.

Learn more about limited liability partnerships at https://brainly.com/question/25012970

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