Which of the Following Statements Best Describes Partnerships

question 34

Multiple Choice

Which of the following statements best describes partnerships?

• A)Corporations are at a disadvantage relative to partnerships because they have to file more reports to regulatory agencies, even if they are not publicly owned.
• B)In a regular partnership, liability for the firm's debts is limited to the amount a particular partner has invested in the business.
• C)A fast-growth company would be more likely to set up as a partnership for its business organization than would a slow-growth company.
• D)There must be at least one person acting as a general partner in a limited partnership.