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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?
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Practice Questions
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Q1
What is the term for a partner who has unlimited liability in a partnership?
General partner
Limited partner
Silent partner
Equity partner
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A general partner has unlimited liability, meaning they are personally responsible for the debts of the partnership.
Questions & Step-by-step Solutions
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Q
Q: What is the term for a partner who has unlimited liability in a partnership?
Solution:
A general partner has unlimited liability, meaning they are personally responsible for the debts of the partnership.
Steps: 4
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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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