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What is the role of a 'general partner' in a partnership?
What is the role of a 'general partner' in a partnership?
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Practice Questions
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Q1
What is the role of a 'general partner' in a partnership?
To provide capital only
To manage the business and assume liability
To act as a silent partner
To represent the partnership in legal matters
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A general partner is actively involved in managing the business and assumes full liability for the partnership's debts.
Questions & Step-by-step Solutions
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Q
Q: What is the role of a 'general partner' in a partnership?
Solution:
A general partner is actively involved in managing the business and assumes full liability for the partnership's debts.
Steps: 5
Show Steps
Step 1: Understand that a partnership is a business structure where two or more people work together.
Step 2: Identify the role of a general partner in this partnership.
Step 3: Know that a general partner is actively involved in making decisions and managing the daily operations of the business.
Step 4: Recognize that a general partner is responsible for the debts of the partnership, meaning they can lose personal assets if the business fails.
Step 5: Remember that being a general partner means having both management responsibilities and financial risks.
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