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Questions and Answers
What is a partnership?
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?
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?
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)
