Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 19)
What is the key characteristic that distinguishes a general partnership from a limited partnership?
Limited liability for all partners in a general partnership.
Unlimited liability for all partners in a general partnership.
A general partnership is taxed as a corporation.
The general partnership is easier to form than a limited partnership.
Explanation
The key difference is the liability structure of partners in each kind of partnership.
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