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What is a key feature of a general partnership?
What is a key feature of a general partnership?
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Practice Questions
1 question
Q1
What is a key feature of a general partnership?
Limited liability for all partners
Equal management responsibilities
No formal agreement required
Perpetual existence
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In a general partnership, all partners typically share equal management responsibilities unless otherwise agreed.
Questions & Step-by-step Solutions
1 item
Q
Q: What is a key feature of a general partnership?
Solution:
In a general partnership, all partners typically share equal management responsibilities unless otherwise agreed.
Steps: 4
Show Steps
Step 1: Understand what a general partnership is. It is a business structure where two or more people own and operate a business together.
Step 2: Know that in a general partnership, all partners are involved in managing the business.
Step 3: Realize that unless the partners agree differently, they share management responsibilities equally.
Step 4: Remember that this means all partners have a say in decisions and operations of the business.
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