Concept:
Bryophytes exhibit a distinct life cycle involving a gametophytic stage and a sporophytic stage. In mosses, spores germinate to form a green, filamentous structure known as protonema. This protonema subsequently develops into the mature leafy gametophyte.
Therefore, protonema is a characteristic stage in the life cycle of mosses.
Step 1: Understand what protonema is.
Protonema is a branched, filamentous, green structure that develops from the germination of a moss spore.
It represents the juvenile stage of the gametophyte.
Step 2: Examine the options.
Ulothrix is a green alga and does not possess a protonema stage.
Polytrichum is a moss and exhibits a well-developed protonema stage.
Polysiphonia is a red alga and lacks protonema.
Marchantia is a liverwort; the characteristic protonema stage is associated with mosses rather than liverworts.
Step 3: Draw the conclusion.
Among the given options, Polytrichum shows a protonema stage.
\[
\boxed{\text{Polytrichum}}
\]
Hence, the correct answer is
\[
\boxed{(B)\ \text{Polytrichum}}
\]