is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a

Question

2 years ago

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is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a

limited partner does not. has a maximum loss equal to his or her equity investment. receives a salary in lieu of a portion of the profits.

Business

1 answer:

aleksandrvk [35] · Answer 1 · 2022-10-26T07:43:02+03:00

Answer:

is personally responsible for all partnership debts

Explanation:

COMPLETE QUESTION

A general partner:

is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a limited partner does not. has a maximum loss equal to his or her equity investment. receives a salary in lieu of a portion of the profits.

EXPLANATION

A general partner can be regarded as a person that joins with another person or join with more than one other person to form a business. A general partner is responsible for the actions that is been taken in the business, He or she is liable personally for all the debts as well as obligations in the business and can bind the business legally. It should be noted that A general partner is personally responsible for all partnership debts.