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Partnership Fundamentals Quiz

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What is a disadvantage of a general partnership?

Unlimited personal liability (correct)

Limited personal liability

Ease of formation

Double taxation

Which of the following is a characteristic of a partnership?

Sole decision making

Limited liability

Unlimited liability (correct)

No sharing of profits

In a partnership, who shares in the management and control of the business?

Creditors

Employees

Partners (correct)

Investors

Partnership Fundamentals Quiz

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Questions and Answers

What is a disadvantage of a general partnership?

Which of the following is a characteristic of a partnership?

In a partnership, who shares in the management and control of the business?

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