Which of the Following Is a Characteristic of a Partnership

question 122

Multiple Choice

Which of the following is a characteristic of a partnership?

• A)The profits,taxes,and legal liability are the responsibility of two or more owners.
• B)It is a legal entity separate from its owners.
• C)Its income is taxed twice-once on the partnership's income tax return and again on the partners' individual income tax returns.
• D)It is the only organizational form appropriate for service businesses.

Evaluate the role of simulation heuristic in counterfactual thinking and emotional responses.

Understand the fundamental concepts of team dynamics and management.

Identify and explain the stages of group development according to Bruce Tuckman.

Recognize the importance of team composition and the attributes that define it.

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Definitions:

Nondisclosure Agreement

A legally binding contract establishing a confidential relationship, with parties agreeing not to disclose information covered by the agreement.

Noncompetition Clauses

Noncompetition Clauses are provisions in contracts that restrict one party's ability to engage in business activities that compete with another party, usually after the termination of a business relationship or employment.

Legitimate Business Purpose

A justifiable reason or objective underlying a company's activities or decisions, often assessed in legal contexts to determine the validity of business conduct.

Illegal Agreements

Contracts or arrangements that are prohibited by law due to their nature, purpose, or the means by which they are achieved.