select all that apply\nwhat two features characterize a general partnership?\n□ the partners’ risk of losing…

select all that apply\nwhat two features characterize a general partnership?\n□ the partners’ risk of losing their personal assets is in relation to their own negligence.\n□ all partners assume liability for the businesss debts\n□ it looks like a corporation in that it is traded on the stock exchanges\n□ all partners share the responsibility for operating the business

select all that apply\nwhat two features characterize a general partnership?\n□ the partners’ risk of losing their personal assets is in relation to their own negligence.\n□ all partners assume liability for the businesss debts\n□ it looks like a corporation in that it is traded on the stock exchanges\n□ all partners share the responsibility for operating the business

Answer

Brief Explanations:

In a general partnership, all partners have unlimited liability for the business's debts, meaning they are personally responsible for business - related obligations. Also, all partners typically share in the day - to - day operations of the business. The risk of losing personal assets is not just related to personal negligence but also to the overall business debts, and general partnerships are not traded on stock exchanges like corporations.

Answer:

  • all partners assume liability for the business's debts
  • all partners share the responsibility for operating the business