In a general partnership, what must partners share?

In a general partnership, partners are required to share both profits and management control, making this the correct choice. A general partnership is characterized by the joint ownership and operation of the business, meaning that all partners typically have an equal claim to the profits generated by the partnership. This collective ownership implies that any financial gains must be distributed according to the partnership agreement or, in the absence of such an agreement, according to the default rules set forth by state law.

Additionally, partners also share management control, which means they have the right to participate in the decision-making process regarding the operation of the business. Each partner generally has an equal voice in managing the partnership, and decisions typically require the consensus or agreement of all partners, further emphasizing the collaborative nature of the partnership structure.

This shared responsibility for both profits and management control reflects the fundamental principles of a general partnership, where partners not only benefit from the success of the business but also bear the obligations and risks associated with its management.