A general partner:
A) Has less legal liability than a limited partner.
B) Has more management responsibility than a limited partner.
C) Faces double taxation whereas a limited partner does not.
D) Cannot lose more than the amount of his/her equity investment.
E) Is the term applied only to corporations which invest in partnerships.

Question

Quizplus · Accepted Answer

General partners have more management responsibility than limited partners, as they are actively involved in the day-to-day operations and decisions of the partnership. Limited partners typically have a passive role and do not participate in daily business activities.

A General Partner