Which of the following is true of a General Partnership(1 point) Responses Each partner is only taxed for their share of the profits. Each partner is only taxed for their share of the profits. Each partner has Mutual Agency. Each partner has Mutual Agency. Only the person establishing the partnership is liable for the debts of the company Only the person establishing the partnership is liable for the debts of the company The partnership is double taxed by the government as both an individual and a corporation.

Answer 1

Each partner is only taxed for their share of the profits.