Multiple Choice
Which of the following statements regarding partnerships is incorrect?
A) There are no legal formalities required to form a partnership and it can be an oral agreement.
B) Partnerships have unlimited liability not subject to the amount contributed by each partner.
C) The partnership is subject to income tax, not the individual partners.
D) Each partner has the authority to enter contracts on behalf of the partnership, provided the contracts relate to normal operations.
Correct Answer:
Verified
Correct Answer:
Verified
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