Question
Business and Labor Unit Test
3 of 183 of 18 Items
Question
Which of the following is a characteristic of general partnerships?(1 point)
Responses
The partners have limited liability.
The partners have limited liability.
One person is the owner of a general partnership.
One person is the owner of a general partnership.
Each partner has different rights when representing the partnership.
Each partner has different rights when representing the partnership.
The partnership has limited life.
Answers
GPT-4o mini
The characteristic of general partnerships among the given options is:
**The partnership has limited life.**
In a general partnership, the partnership can be dissolved if one of the partners leaves or passes away, implying that it has a limited life.
The other options are incorrect because:
- Partners in a general partnership typically have unlimited liability, not limited liability.
- A general partnership consists of two or more owners (partners), not just one person.
- In a general partnership, each partner usually has equal rights in representing the partnership unless otherwise agreed upon in a partnership agreement.
**The partnership has limited life.**
In a general partnership, the partnership can be dissolved if one of the partners leaves or passes away, implying that it has a limited life.
The other options are incorrect because:
- Partners in a general partnership typically have unlimited liability, not limited liability.
- A general partnership consists of two or more owners (partners), not just one person.
- In a general partnership, each partner usually has equal rights in representing the partnership unless otherwise agreed upon in a partnership agreement.
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