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 they are personally responsible for the debts and obligations of the partnership. Limited liability (Option A) is a feature of limited partnerships or corporations. A general partnership is typically managed by all partners (so Option C is wrong). And in a general partnership, partners usually have equal decision - making power (so Option D is wrong).

Answer:

B. Unlimited liability for all partners