Question: Which scenario explains the difference between limited partnership and general partnership? Multiple Choice In limited partnerships, all partners are equally liable to the firm s

Which scenario explains the difference between limited partnership and general partnership?
Multiple Choice
In limited partnerships, all partners are equally liable to the firms debt unlike general partnerships.
In limited partnerships, partners incur single taxation on earnings unlike general partnerships.
In general partnerships, whenever the mix of partners is changed, that partnership is dissolved unlike limited partnerships.
In general partnerships, no government permission is required for the setup and maintenance of business unlike limited partnerships.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!