A primary advantage of a general partnership, compared with a corporation, does not include which of the following?
A) Ease of formation.
B) Limited liability for the owners.
C) No income tax on the business itself.
D) Complete control by the partners.

Question

Quizplus · Accepted Answer

In a general partnership, the owners (partners) have unlimited liability, meaning they are personally responsible for the debts and obligations of the business. This contrasts with a corporation, where the owners (shareholders) enjoy limited liability, protecting their personal assets from business liabilities.

A Primary Advantage of a General Partnership, Compared with a Corporation