Question

a__________ is the default arrangement for a partnership.

a. limited partnership
b. limited liability company
c. sole proprietorship
d. general partnership
e. horizontal merger

Explanation:

To solve this, we analyze each option:

• Option A: Limited partnership is not the default; it has specific legal setup requirements.
• Option B: Limited liability company (LLC) is a different business structure, not a default partnership type.
• Option C: Sole proprietorship is a single - owner business, not a partnership.
• Option D: General partnership is the default arrangement for a partnership. In a general partnership, partners share management, profits, and unlimited liability (by default, unless otherwise specified in legal agreements).
• Option E: Horizontal merger is a combination of businesses in the same industry, not a partnership arrangement.

Answer:

D. general partnership