Which of the Following Statements Is True About Partnerships

question 38

Multiple Choice

Which of the following statements is true about partnerships?

• A)The formation of a general partnership must be documented in writing.
• B)An LLC is generally treated as a partnership for tax law purposes.
• C)General partners have no liability for partnership obligations beyond their capital contributions.
• D)When Sue and Billy Bob invest in land together, they are considered to have formed a partnership.

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Definitions:

Alternative Model

A conceptual framework that provides a different way of understanding or approaching a particular issue or problem compared to traditional models.

Personality Disorders

A group of mental health conditions characterized by long-lasting, inflexible patterns of thought and behavior that differ significantly from cultural expectations and cause distress or impairment.

Alternative DSM-5 Model

A different approach within the Diagnostic and Statistical Manual of Mental Disorders, 5th Edition, aiming to integrate dimensional assessments of personality disorders and other mental health conditions.

Dimensional Perspectives

An approach in psychology that quantifies a person's symptoms or traits along a continuum rather than categorizing them as present or absent.