Granval thinks a partnership will reduce his personal financial responsibility. this is true only if?

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03-08-2022
Business

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Granval thinks a partnership will reduce his personal financial responsibility. this is true only if?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-13T04:20:09-04:00

Granval thinks a partnership will reduce his personal financial responsibility. this is true only if Granval is not a general partner.

General partnership is a type of business agreement which is made between two or more individuals who agree to share all the assets, profits as well as liabilities of the business.

Because of the simplicity and tax benefits in the general partnership, a general partnership is one of the most common legal business entities.

However, it's very important to consider that each partner is personally responsible for the business, including debts and lawsuits, and is held liable for the actions of their partners.

To know more about general partnership here:

https://brainly.com/question/12983082

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