A general partner:

$3\mathrm{.}7$

points

$00$:$44$:$22$

Multiple Choice

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$$ faces double taxation whereas a limited partner does not.

has a maximum loss equal to his or her equity investment in the partnership.

is responsible for $80$ percent of the firm's debts if he or she owns $80$ percent of the partnership.

receives a salary in lieu of a portion of the partnership's profits.

$$ is personally responsible for $100$ percent of the debts of the partnership.

Mc

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