In a general partnership, which of the following is true?

Question

Quizplus · Accepted Answer

In a general partnership, two or more people manage and share in the profits and losses of the business. There is no distinction between general and limited partners in a general partnership, and all partners are equally responsible for the management of the business. The partnership does not pay taxes; instead, profits and losses are passed through to the individual partners, who report them on their personal tax returns.

In a General Partnership, Which of the Following Is True