Final answer:
A partnership that includes all profits from partners' work during its existence is a universal partnership of profits. General and limited partnerships differ in terms of liability and operational involvement, but both types face the disadvantages of shared liability and potential dissolution.
Step-by-step explanation:
A partnership which comprises all the profits that the partners may acquire by their work or industry during the existence of the partnership is called a universal partnership of profits.
This type of partnership involves the sharing of profits derived from the collective efforts of partners, as opposed to a universal partnership of all present property, which includes all assets the partners may possess at the outset of the partnership.
Partnerships are a common form of business organization and can be found in many professional sectors, such as law and medicine. A general partnership involves all partners sharing responsibility for the operation of the business and the liabilities incurred.
A limited partnership, on the other hand, consists of both general and limited partners, where the latter are usually only financially involved, limiting their personal liability. However, all partnerships share the common disadvantages of personal liability for business debts and the potential for dissolution due to changes in partnership.
Therefore, the correct answar is b. Universal partnership of profits