Q957
An unlimited liability is classified as liabilities of the
A.
limited partners
B.
general partners
AnswerC.
venture partners
D.
corporate partners
Answer: Option B
Solution
Answer: Option B
Solution:
An unlimited liability is classified as liabilities of the general partners. A general partnership is a business arrangement by which two or more individuals agree to share in all assets, profits and financial and legal liabilities of a jointly-owned business structure.