Question

question 3 of 19
what is a key characteristic of a general partnership?
select an answer from the options below.
a
limited liability for all partners
b
unlimited liability for all partners
c
managed by a single individual
d
limited decision - making power for some partners

Explanation:

In a general partnership, all partners have unlimited liability. This means their personal assets can be used to satisfy business debts. Limited liability (Option A) is for limited - liability partnerships or corporations. A general partnership is usually managed by all partners (not a single individual as in Option C), and partners typically have equal or shared decision - making power (contrary to Option D).

Answer:

B. Unlimited liability for all partners