Which one of the following applies to a general partnership?
A) The firm's operations must be controlled by a single partner.
B) Any one of the partners can be held solely liable for all of the partnership's debt.
C) The profits of the firm are taxed as a separate entity.
D) Each partner's liability for the firm's debts is limited to each partner's investment in the firm.
E) The profits of a general partnership are taxed the same as those of a corporation.
Correct Answer:
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