A partnership in which all partners have mutual agency and unlimited liability is called:
A) Limited partnership.
B) Limited liability partnership.
C) General partnership.
D) S corporation.
E) Limited liability company.

Question

Quizplus · Accepted Answer

A general partnership is a business structure in which all partners have mutual agency, meaning they can act on behalf of the partnership, and unlimited liability, meaning they are personally responsible for the partnership's debts and obligations. Limited partnerships, limited liability partnerships, S corporations, and limited liability companies all have limitations on liability or agency for some or all of the partners or owners.

A Partnership in Which All Partners Have Mutual Agency and Unlimited