Which of the following statements about a general partnership is true?
A)A general partnership is an entity separate from its owners.
B)A general partnership is the most popular form of business ownership.
C)The partnership agreement must be in writing to be legal.
D)General partnerships are usually "double-taxed."
E)Partners in a general partnership co-own the company's assets.

Question

Quizplus · Accepted Answer

General partnerships involve co-ownership of assets by the partners, where each partner has an equal share in the profits and liabilities unless otherwise agreed upon in the partnership agreement.

Which of the Following Statements About a General Partnership Is