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Which of the following statements about partnerships is true?

Practice Questions

Q1
Which of the following statements about partnerships is true?
  1. All partners must have equal say in decisions
  2. Partnerships are always limited liability
  3. Partners can be held personally liable for business debts
  4. Partnerships cannot have more than two partners

Questions & Step-by-Step Solutions

Which of the following statements about partnerships is true?
  • Step 1: Understand what a partnership is. A partnership is a business structure where two or more people share ownership and responsibilities.
  • Step 2: Learn about general partnerships. In a general partnership, all partners are involved in managing the business.
  • Step 3: Know about liability. Liability means being responsible for debts or legal obligations.
  • Step 4: Recognize that in a general partnership, partners can be personally liable. This means if the business owes money, creditors can go after the personal assets of the partners.
  • Step 5: Conclude that the statement about partners being personally liable for business debts in a general partnership is true.
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