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General Partnership: Definition, Advantages & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

All of the following are disadvantages of a general partnership EXCEPT _____.

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1. Which of the following is NOT considered to be an advantage of a general partnership?

2. Which of the following attributes is common to all types of business partnerships?

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About This Quiz & Worksheet

General Partnerships are the most common and easiest business structure to form. This quiz/worksheet combo will help you test your understanding of the topic. Some of the topics you'll be tested on include profit sharing, taxation and liability of general partnerships.

Quiz & Worksheet Goals

In these assessments you'll be tested on the following:

  • Advantages and disadvantages of general partnerships
  • Attributes of general partnerships
  • Liability of partners in a general partnership
  • Profit sharing in a general partnership

Skills Practiced

This quiz and worksheet allows students to test the following skills:

  • Interpreting information - verify that you can read information regarding the pros and cons of a general partnership and interpret it correctly
  • Information recall - access the knowledge you've gained regarding the tax benefits of forming a general partnership
  • Knowledge application - use your knowledge to answer questions about how profits are distributed in a general partnership

Additional Learning

To learn more about general partnerships, review the accompanying lesson called General Partnership: Definition, Advantages & Examples. This lesson covers the following objectives:

  • Understand the pros and cons of forming a partnership such as preferable tax treatment, but unlimited personal liability
  • Understand how partners are entitled to a proportionate share of the profits of the general partnership
  • Understand how partners are liable for the debts of the partnership in proportion to the other general partners
  • Know that general partnerships are an easy business entity to form
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