Multiple Choice
Which of the following statements regarding a partnership is true?
A) A partnership is an involuntary association.
B) To be valid, a partnership must have a written partnership agreement.
C) A partnership is a separate tax-paying entity for federal tax purposes.
D) Partners in a partnership have personal liability much like that of sole proprietors, in the sense that partners and sole proprietors have personal liability for business debts and other legal obligations of the business.
E) All of the partners in a partnership have limited liability.
Correct Answer:
Verified
Correct Answer:
Verified
Q92: Which of the following is a consequence
Q93: When a partner dies,that partner's share of
Q94: A partner has the power to dissolve
Q95: The duty of _ requires general partners
Q96: General partners are personally liable for the
Q98: Any person,including natural persons,partnerships,limited partnerships,trusts,estates,associations,and corporations,may be
Q99: In a limited liability partnership,there is no
Q100: Once a partnership is dissolved,all liability for
Q101: No inference of the existence of a
Q102: A general partnership may be formed with