Question #25 of 50
Question ID: 542567
Which characteristic describes a general partnership?
The IRS requires that there be at least one partner who has limited liability and no say in the operation of the partnership.
Not more than 25% of gross income can come from passive activity.
Liability incurred by the partnership becomes a partnership liability only, not a liability of the individual owners.
The partnership files an information return reporting the income attributable to each partner with the IRS.