Day: April 12, 2020

The minimum number of general partners which a limited partnership must have is?

Select ONE answer:

1. 1
2. 2
3. 3
4. 7

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct – Someone must always be responsible for the debts of the firm. This is a major disadvantage of partnerships relative to companies. However, once one person accepts this responsibility, all other partners can be limited partners.
2. Not correct
3. Not correct
4. Not correct

 

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