Question

13 multiple choice 4 points what is a general partnership characterized by? one or more general partners with limited liability shared management and profits among partners limited liability for all partners limited participation of partners in the firm’s operations

Explanation:

To determine the characteristic of a general partnership, we analyze each option:

• "One or more general partners with limited liability": General partners in a general partnership have unlimited liability, so this is incorrect.
• "Shared management and profits among partners": In a general partnership, partners typically share management responsibilities and profits, which is a key characteristic.
• "Limited liability for all partners": General partnerships do not offer limited liability to all partners (that's for limited partnerships or LLCs), so this is incorrect.
• "Limited participation of partners in the firm’s operations": In general partnerships, partners are actively involved in operations, so this is incorrect.

Answer:

B. Shared management and profits among partners