Discuss to the following:
Both general and limited partners are fully liable for the actions of the partnership ?
In a general partnership, all of the partners are general partners, and in a limited partnership, all of the partners are limited partners ?
Jenna is a calendar year taxpayer who is a partner in JKL partnership. JKL has a June 30 fiscal year. Jenna reports her share of JKL's income (loss) for the fiscal year that runs from July 1, 2013 - June 30, 2014 on her 2014 tax return.