Bot GPT 4-o mini The correct characteristic of general partnerships is:
The partnership has limited life.
In a general partnership, the partnership is typically considered to have a limited life, which means it can be dissolved if one of the partners leaves or passes away.
To clarify the incorrect options:
- In a general partnership, each partner usually has equal rights when representing the partnership unless otherwise agreed upon.
- A general partnership is owned by two or more partners, not just one person.
- Partners in a general partnership have unlimited liability, meaning they are personally liable for the debts and obligations of the partnership.
Thus, the correct statement is about the partnership having a limited life.
1 answer