Question

A general partner: Multiple Choice

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

Answer 1

Answer:

1. is personally responsible for all partnership debts. 

Explanation:

A general partner has :

1. Unlimited liabilities- 1. is personally responsible for all partnership debts. 

2. a say in the general running of the business

3. a share of the profit.

A limited partner has :

1. a maximum loss equal to his or her equity investment. 

2. no say over a firm's daily operations. 

I hope my answer helps you