The form of business in which all partners share in the management and the profits of the business and the income and the losses from the business are reflected on the individual owners' tax returns is best described as which of the following:
A) Corporation
B) Limited partnership
C) General partnership
D) Master limited partnership

Question

Quizplus · Accepted Answer

A general partnership is a business structure where all partners share in the management and profits of the business, and the income and losses are passed through to the individual owners' tax returns. This contrasts with corporations and limited partnerships, where the business entity itself can be liable for taxes and where there may be limited partners who do not participate in management.

The Form of Business in Which All Partners Share in the Management