Which of the Following Is TRUE of a General Partnership

question 156

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 subject to double taxation.
• C) Each partner's liability is limited to their contributed capital.
• D) When a general partner contributes a particular asset to the firm, he or she is considered the sole owner of the asset.

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