Question

in a general partnership, ________. (2pts) Question 39 - In a general partnership, ________. Select no decision is binding unless all partners agree to it in writing as your answer no decision is binding unless all partners agree to it in writing Select each partner is held responsible for an agreement/decision made by any one of the partners as your answer each partner is held responsible for an agreement/decision made by any one of the partners Select no partner can be held legally responsible for decisions since the partnership itself is a legal entity as your answer no partner can be held legally responsible for decisions since the partnership itself is a legal entity Select partners can be held responsible only for decisions they make personally as your answer partners can be held responsible only for decisions they make personally

Answer 1

Answer:

each partner is held responsible for an agreement/decision made by any one of the partners

Explanation:

A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.

Limited partnerships have two classes of partners. These two (2) classes are;

1. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.

2. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.

In a general partnership, each partner is held responsible for an agreement or decision made by any one of the partners.