Which of the following are essential elements of a general partnership?

The essential elements of a general partnership include an equal right to management, the sharing of profits and losses, and joint ownership of the business. In a general partnership, all partners are actively involved in the management and operations of the business, ensuring that decision-making is collective rather than dictated by a single individual. Additionally, profits and losses are shared among the partners according to their agreement, which reflects the collaborative nature of this type of business structure.

Joint ownership is fundamental as it emphasizes that all partners have ownership stakes in the business, further reinforcing their roles in both management and financial outcomes. This contrasts with other business structures where ownership and management may be distinctly separated or limited by liability, which is not the case in a general partnership.

In contrast, the other options incorporate aspects that are not fundamentally characteristic of a general partnership. For instance, limited liability suggests a structure like a corporation or limited liability company, wherein individual partners are protected from the debts of the business. Additionally, a single owner with control over profits does not align with the concept of a partnership which is based on shared decision-making and profits. Independent management also disrupts the cooperative essence inherent in partnerships, where collective decision-making is a key component.