A general partnership is a legal business entity that:
A) distributes profits to its partners according to the terms of a partnership agreement
B) consists of a general partner and multiple limited partners
C) limits each partner's liability to his or her capital contribution
D) has its profits taxed twice: once as partnership income and again when the profits are distributed to individual partners

Question

Quizplus · Accepted Answer

General partnerships distribute profits to partners according to the terms of a partnership agreement, with each partner typically involved in the day-to-day management of the business.

A General Partnership Is a Legal Business Entity That