Which of the following is a characteristic of general partnerships?(1 point)

Question

Responses

The partnership has limited life.
The partnership has limited life.

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.

Answer 1

The correct characteristic of general partnerships is:

The partnership has limited life.

In a general partnership, the partnership can be dissolved if one of the partners withdraws or passes away, leading to its limited life. The other options provided are not characteristics of general partnerships. In a general partnership, all partners typically have unlimited liability, and it is not owned by just one person but rather by two or more partners who share equal responsibility. Additionally, usually, partners have equal rights in representing the partnership unless otherwise agreed upon.