Which of the following is a characteristic of general partnerships?(1 point) Responses The partners have limited liability. The partners have limited liability. One person is the owner of a general partnership. One person is the owner of a general partnership. Each partner has different rights when representing the partnership. Each partner has different rights when representing the partnership. The partnership has limited life.
Each partner has different rights when representing the partnership.
The characteristic of general partnerships is that each partner has different rights when representing the partnership.
To arrive at this answer, you can carefully read and analyze the given options. The first option, "The partners have limited liability," is incorrect because general partnerships typically have unlimited liability, meaning the partners are personally responsible for the debts and obligations of the partnership. The second option, "One person is the owner of a general partnership," is also incorrect because general partnerships are owned by two or more individuals who share the profits, losses, and management responsibilities. The third option, "Each partner has different rights when representing the partnership," is the correct characteristic of general partnerships. Partnerships operate based on the principle that partners can act on behalf of the partnership and make binding decisions, but individual partners may have varying levels of decision-making authority or specific roles assigned to them. Finally, the fourth option, "The partnership has limited life," is incorrect because general partnerships do not have a limited life; they can continue until dissolved by the partners or as specified in the partnership agreement.