Identify Which of the Following Statements Is True

Multiple Choice

Identify which of the following statements is true.

A) Formation of a partnership requires legal documentation.
B) An individual engaged in the active conduct of a business must elect not to be taxed as a partnership.
C) A partnership exists as long as there are at least two individuals or entities engaged in the active conduct of a trade or business or a financial operation, and the business is not a trust or a corporation.
D) All of the above are false.