Which one of the following applies to a general partnership?
A. The firm's operations must be controlled by a single partner.
B. Any one of the partners can be held solely liable for all of the partnership's debt.
C. The profits of the firm are taxed as a separate entity.
D. Each partner's liability for the firm's debts is limited to each partner's investment in the firm.
E. The profits of a general partnership are taxed the same as those of a corporation.