Which of the Following with Respect to Partnership Is TRUE

question 77

Multiple Choice

Which of the following with respect to partnership is TRUE?

• A)Partnership is a separate legal entity.
• B)General partners have limited liability
• C)General partners have unlimited liability
• D)Partners are not agents for each other.
• E)Partners must make an equal financial contribution to the partnership.

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Definitions:

Fetishism of Commodities

A concept in Marxist theory referring to the perception of the social relationships involved in production, not as relationships among people, but as economic relationships among the money and commodities exchanged in the market.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

Reifies

Converts abstract concepts into concrete entities.

Industrial Production

The process of manufacturing goods and materials in factories and plants, typically on a large scale.