Which of the following is true of a general partnership?
A)Each partner has all the privileges and risks of ownership.
B)The income of a general partnership is subject to double taxation.
C)Each partner's liability is limited to their contributed capital.
D)When a general partner contributes a particular asset to the firm,he or she is considered the sole owner of the asset.

Question

Quizplus · Accepted Answer

In a general partnership, each partner has all the privileges and risks of ownership. This means that they share in the profits and losses of the business and are personally liable for business debts and legal obligations. There is no limit to their liability. Additionally, in a general partnership, each partner has an equal say in decision-making and management of the business.

Which of the Following Is True of a General Partnership