A general partner:
A)cannot lose more than the amount of his/her equity investment.
B)has less legal liability than a limited partner.
C)faces double taxation whereas a limited partner does not.
D)has more management responsibility than a limited partner.
E)is the term applied only to corporations which invest in partnerships.

Question

Quizplus · Accepted Answer

A general partner has greater management responsibility than a limited partner. This means that they are actively involved in the day-to-day operations of the partnership and have a say in decision-making. In contrast, a limited partner typically has less involvement in management and decision-making, but also has limited legal liability for the partnership's debts and obligations.

A General Partner