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In a general partnership, how are decisions typically made?

Practice Questions

Q1
In a general partnership, how are decisions typically made?
  1. By majority vote of partners
  2. By the partner with the most capital
  3. By a designated managing partner
  4. By consensus of all partners

Questions & Step-by-Step Solutions

In a general partnership, how are decisions typically made?
  • Step 1: Understand that a general partnership involves two or more people working together.
  • Step 2: Know that all partners have a say in making decisions for the partnership.
  • Step 3: Realize that most decisions are made by a majority vote, meaning more than half of the partners must agree.
  • Step 4: Check if there are any special agreements among the partners that might change how decisions are made.
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