What is the term for a partner who has unlimited liability in a partnership?

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Question: What is the term for a partner who has unlimited liability in a partnership?

Options:

Correct Answer: General partner

Solution:

A general partner has unlimited liability, meaning they are personally responsible for the debts of the partnership.

What is the term for a partner who has unlimited liability in a partnership?

What is the term for a partner who has unlimited liability in a partnership?

Step 1: Understand what a partnership is. A partnership is a business arrangement where two or more people share ownership.
Step 2: Learn about the types of partners in a partnership. There are general partners and limited partners.
Step 3: Know what unlimited liability means. Unlimited liability means that a partner is personally responsible for all the debts of the business.
Step 4: Identify the type of partner with unlimited liability. The partner with unlimited liability is called a general partner.

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