An)_____ Is an Association of Two or More Persons in an Unincorporated

question 70

Multiple Choice

An) _____ is an association of two or more persons in an unincorporated entity to do business and share profits and losses.

• A)general partnership
• B)corporation
• C)limited partnership
• D)S corporation
• E)limited liability partnership

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Definitions:

Tax Schedule

A chart or table provided by taxing authorities that shows the tax rate that applies to different levels of taxable income.

Married Couples

Two individuals legally united in marriage, recognized for various legal, social, or tax purposes.

Filing Jointly

Filing jointly refers to a tax filing status that allows married couples to combine their income and deductions on a single tax return, potentially leading to tax benefits.

Net Book Value

The value of an asset or liability according to a company's balance sheet, deducting depreciation or amortization.