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Questions and Answers
What is a disadvantage of a general partnership?
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?
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?
In a partnership, who shares in the management and control of the business?
- Creditors
- Employees
- Partners (correct)
- Investors
