In a general partnership: no partner can be held legally responsible for decisions since the partnership itself is a legal entity. each partner is held responsible for an agreement/decision made by any one of the partners. partners can be held responsible only for decisions they make personally. no decision is binding unless all partners agree to it in writing.

Question

Amir King

Business

8 November, 06:11

In a general partnership: no partner can be held legally responsible for decisions since the partnership itself is a legal entity. each partner is held responsible for an agreement/decision made by any one of the partners. partners can be held responsible only for decisions they make personally. no decision is binding unless all partners agree to it in writing.

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Answers (1)

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Ryann Blake · Answer 1

Each partner is held responsible for an agreement/decision made by any one of the partner.

Explanation:

Partnership can be defined as a business agreement between two or more individuals. This individuals share ownership of the business and as such are responsible for managing the activities of the company. The profit gotten from the company are shared among the business partners.

General partnership is a form of partnership in which all the partners involved contribute significantly to the daily activities of the organization.

General partnership is very easy to establish and it does not require any form of taxes on profits generated from the business.