Asked by Chelianne Leata Miller on Apr 30, 2024
Verified
A partnership in which the partners divide profits and management responsibilities and share unlimited personal liability for the partnership's debts is called a ________.
A) general partnership
B) limited partnership
C) limited liability partnership
D) corporation
E) limited liability company
General Partnership
A form of partnership where all partners share unlimited liability for the business's debts and obligations.
Profits
The financial surplus remaining after all expenses, including taxes and operating costs, have been deducted from total revenue.
Management Responsibilities
The duties and obligations that managers have to oversee and guide their organization effectively.
- Acquire knowledge about the primary forms of business ownership and their distinguishing features.
- Identify the differences between types of partnerships along with their unique traits.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
A
Explanation :
A general partnership is a partnership in which the partners divide profits and management responsibilities and share unlimited personal liability for the partnership's debts.
Learning Objectives
- Acquire knowledge about the primary forms of business ownership and their distinguishing features.
- Identify the differences between types of partnerships along with their unique traits.