A general partnership is best deﬁned as a business owned by:
A) A single individual who desires limited liability for the ﬁrm's debts.
B) One or more individuals who are each totally responsible for the debts of the entity.
C) Multiple individuals, 80 percent of whom enjoy limited liability.
D) Two or more individuals, each of whom has limited liability for the ﬁrm's debts.
E) Two or more individuals, only one of whom has unlimited liability for the ﬁrm's debts.

Question

Quizplus · Accepted Answer

In a general partnership, all partners share responsibility for the business's debts and liabilities, meaning each partner is personally liable.

A General Partnership Is Best Deﬁned as a Business Owned