A general partner:
A) is personally responsible for all partnership debts.
B) has no say over a firm's daily operations.
C) faces double taxation whereas a limited partner does not.
D) has a maximum loss equal to his or her equity investment.
E) receives a salary in lieu of a portion of the profits.

Question

Quizplus · Accepted Answer

A general partner is personally responsible for all partnership debts, meaning they have unlimited liability for the debts and obligations of the partnership. This means that if the partnership cannot pay its debts, the general partner's personal assets can be seized to pay off the debts.

A General Partner