A General Partnership Is

A general partnership is:

A) the most basic type of business organization in which there is only one owner.
B) a legal entity that must be chartered by the state in which it is headquartered, giving it the authority to enter into legal agreements with individuals and other corporations.
C) a special format designed to eliminate the problem of double taxation that one might find with a C-corporation format.
D) a business that may have several general partners and several more limited partners who do not have unlimited liability.
E) a business composed of two or more owners who contribute the initial capital of the business and share in the profits and any losses.