Which of the following apply to a partnership that consists solely of general partners?
I.double taxation of partnership profits
II.limited partnership life
III.active involvement in the firm by all the partners
IV.unlimited personal liability for all partnership debts
A)II only
B)I and II only
C)II and III only
D)I, II, and IV only
E)II, III, and IV only

Question

Quizplus · Accepted Answer

Partnerships consisting solely of general partners typically have a limited partnership life, require active involvement by all partners, and all partners have unlimited personal liability for partnership debts. Double taxation does not apply to partnerships; instead, profits are taxed as personal income to the partners.

Which of the Following Apply to a Partnership That Consists