Are You Partnership Savvy?
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Questions and Answers

What is a partnership?

  • 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)

    • What is the difference between general partners and limited partners?

  • 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

    • What are the disadvantages of a partnership?

  • 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)

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