Which One of the Following Statements Concerning a Partnership Is

question 56

Multiple Choice

Which one of the following statements concerning a partnership is true?

• A) Under a general partnership, only the key partner is personally liable for the business debts.
• B) Limited partners in a limited partnership should be actively involved in management decisions.
• C) Income from a limited partnership is taxed as corporate income.
• D) A primary advantage of a partnership is the ease of transferring ownership.
• E) A partnership terminates at the death of any partner.

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Definitions:

Sympathetic Nervous System

The division of the autonomic nervous system that arouses the body, mobilizing its energy in stressful situations.

Parasympathetic Nervous System

The division of the autonomic nervous system that calms the body, conserving its energy.

Somatic Nervous System

The division of the peripheral nervous system that controls the body’s skeletal muscles. Also called the skeletal nervous system.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, responsible for processing and sending out neural signals.