A general partner:
A)is personally responsible for all the partnership debts.
B)has no say over a firm's daily operations.
C)faces double taxation whereas a limited partner does not.
D)has a maximum loss equal to his or her equity investment.
E)receives a salary in lieu of a portion of the profits.

Question

Quizplus · Accepted Answer

A general partner is personally responsible for all the partnership debts. This means that their personal assets can be seized to fulfill any outstanding debts of the partnership.

A General Partner