Legally, a partnership must
A) have at least one limited partner.
B) have at least one general partner.
C) make all owners general partners.
D) not have any general partners.
E) designate a limited partner to be responsible for all debts of the partnership.

Question

Quizplus · Accepted Answer

Legally, a partnership must have at least one general partner who has unlimited personal liability for the debts and obligations of the partnership. A limited partner, on the other hand, has limited liability and cannot participate in the management of the partnership. However, a partnership can have both general and limited partners.

Legally, a Partnership Must