Which of the following is correct with respect to partnership?

Question

Quizplus · Accepted Answer

General partners have unlimited liability, which means they are personally responsible for all the debts and liabilities of the partnership. A partnership is not a separate legal entity and partners are agents for each other. A partnership can be made up of both general and limited partners, but it cannot be made up of only limited partners. Limited partners have limited liability, meaning they are only responsible for the debts and liabilities up to the amount of their investment in the partnership.

Which of the Following Is Correct with Respect to Partnership