Partners can be classified as either general or limited.

Question

Quizplus · Accepted Answer

This is true. Partnerships can be classified as either general or limited. In a general partnership, all partners have unlimited liability and are involved in the day-to-day management of the business. In a limited partnership, there are both general partners who have unlimited liability and limited partners who have limited liability and are not involved in the management of the business.

Partners Can Be Classified as Either General or Limited