Which of the following statements is false regarding a general partnership?

Which of the following statements is false regarding a general partnership?

	A.	It is easy to create.
	B.	Income of the business is personal income.
	C.	Business losses can be deducted from taxes.
	D.	The partners are considered agents of the partnership.
	E.	In most cases partners do not have personal liability for losses.

Expert Solution

The answer is “E. In most cases partners do not have personal liability for losses”

The partners in a general partnership share the financial liabilities or losses (other things being shared among the partners are profit, assets, etc.)

keosha answered 2 years ago

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