A partnership that combines the corporate benefit of limited liability for the owners with the benefits of partnership taxation, including the single level of tax and special allocations of income, losses, and cash flows. b. A partnership that is treated similarly to a general partnership in most states. The primary difference is that the partner is not personally liable for any malpractice committed by other partners. c. A partnership consisting of two or more partners who are general partners and who may participate in management of the entity; there are no limited partners. d. A partnership with at least one general partner and one or more limited partners.