Which of the following statements about a general partnership is most accurate?
A) General partnerships are usually double-taxed.
B) A general partnership is an entity separate from its owners.
C) Partners in a general partnership co-own the company's assets.
D) A general partnership is the most popular form of business ownership.

Question

Quizplus · Accepted Answer

In a general partnership, the partners co-own the company's assets. This means that the assets of the partnership belong to the partners collectively, rather than to the partnership itself. This is one of the defining characteristics of a general partnership, and sets it apart from other forms of business ownership. Options A, B, and D are all inaccurate statements about general partnerships.

Which of the Following Statements About a General Partnership Is