Which of the Following Statements Regarding Partnerships Is True

Multiple Choice

Which of the following statements regarding partnerships is true?

A) When forming a partnership, a formal partnership agreement should be drawn up with the help of an attorney.
B) Unlike other forms of ownership, a partnership has a legal life of its own.
C) A disadvantage of a partnership is the limited liability of the partners.
D) A partnership is an incorporated business owned by two or more people.
E) Partnerships often dissolve within two years.