Which of the following is true about a general partnership?
A) It is dissolved any time there is a change in partners.
B) It can be transferred to new owners without affecting the original agreement.
C) It has no liability.
D) It is taxed as an entity.
E) It requires permission from each state in which it does business during formation.

Question

Quizplus · Accepted Answer

A general partnership is dissolved any time there is a change in the partners. For example, if a partner dies, retires, or otherwise withdraws from the organization, the partnership is dissolved. Likewise, if a person is added as a new partner, there is a technical dissolution of the organization.

Which of the Following Is True About a General Partnership