Which of the Following Is True of a General Partnership

question 121

Multiple Choice

Which of the following is true of a general partnership?

• A)Each partner has all the privileges and risks of ownership.
• B)The income of a general partnership is double-taxed.
• C)Each partner's liability is limited to the capital contributed by him.
• D)When a general partner contributes a particular asset to the firm, he is considered the sole owner of the asset.

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Definitions:

OSC

Typically refers to the Ontario Securities Commission, a regulatory body responsible for overseeing the capital markets in Ontario, Canada.

Exchange

Refers to a marketplace where securities, commodities, derivatives, and other financial instruments are traded.

Listed Stocks

Shares of companies that are publicly traded on a stock exchange, making them available for purchase by investors.

Privately Held Stocks

Shares that are owned by private investors, not available for trading by the general public on stock exchanges.