Which of the following are disadvantages of a general partnership?
I.Limited life of the firm
II.Personal liability for firm debt
III.Greater ability to raise capital than a sole proprietorship
IV.Lack of ability to transfer partnership interest
A)I and II only
B)III and IV only
C)II and III only
D)I,II,and IV only
E)I,III,and IV only

Question

Quizplus · Accepted Answer

A general partnership has a limited life, partners have personal liability for firm debts, and there is a lack of ability to transfer partnership interest.

Which of the Following Are Disadvantages of a General Partnership