A General Partnership Is Best Defined as a Business Owned

question 12

Multiple Choice

A general partnership is best defined as a business owned by:

• A) A single individual who desires limited liability for the firm's debts.
• B) One or more individuals who are each totally responsible for the debts of the entity.
• C) Multiple individuals, 80 percent of whom enjoy limited liability.
• D) Two or more individuals, each of whom has limited liability for the firm's debts.
• E) Two or more individuals, only one of whom has unlimited liability for the firm's debts.

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