For a business organized as a general partnership, which statement is true?

Question

Quizplus · Accepted Answer

In a general partnership, each partner is personally liable for the debts and obligations of the business. This means that if the business cannot pay its debts, creditors can go after the personal assets of the partners to satisfy those debts. A partnership does not have separate legal entity status, and does not require a charter from the province. However, partnerships are considered separate accounting entities and must file separate tax returns.

For a Business Organized as a General Partnership, Which Statement