Which of the following is a characteristic of a general partnership?
Which of the following is a characteristic of a general partnership?
a. The partnership is subject to federal income tax.
b. The partners have limited liability.
c. The partnership has an unlimited life.
d. The partners have co-ownership of partnership property.
Homework Answers
Ans. Option D
Explanation: All the partners have their own share in partnership property. Partnership is a form of business where two or more people share ownership. The ratio of partners capital and profit (loss) sharing may be different but they have co-ownership of partnership property.
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