In a partnership, a(n) ________ partner (owner) actively manages the company and has unlimited liability for claims against the firm.
A) unlimited
B) limited
C) general
D) associate

Question

Quizplus · Accepted Answer

A general partner actively manages the company and has unlimited liability for claims against the firm. Limited partners, on the other hand, do not participate in the management of the company and have limited liability. The terms "unlimited" and "associate" are not commonly used to describe types of partners in a partnership.

In a Partnership, A(n) ________ Partner (Owner) Actively Manages the Company