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A general partner: a. Has a maximum loss equal to his or her equity investment. b. Faces double taxation whereas a limited partner does not.
A general partner: |
a. Has a maximum loss equal to his or her equity investment. |
b.
Faces double taxation whereas a limited partner does not. |
c.
Is personally responsible for all the partnership debts. |
d. Receives a salary in lieu of a portion of the profits. |
e. Has no say over a firm's daily operations. |
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