Are You Partnership Savvy?

An association of two or more persons to carry on business for personal gain

An association of two or more persons to carry on business for non-profit

An association of two or more persons to carry on business for charity

An association of two or more persons to carry on business for profit (correct)

General partners have limited liability while limited partners have unlimited liability

General partners have unlimited liability while limited partners have limited liability (correct)

General partners are silent partners while limited partners are secret partners

General partners are known to the public while limited partners are not known to the public

Limited liability, disagreement among partners, and sudden death of a partner

Unlimited liability, agreement among partners, and sudden death of a partner

Unlimited liability, disagreement among partners, and sudden birth of a partner

Unlimited liability, disagreement among partners, and sudden death of a partner (correct)