Which of the Following Statements Regarding Partnerships Is True

question 113

Multiple Choice

Which of the following statements regarding partnerships is true?

• A) When forming a partnership, a formal partnership agreement should be drawn up with the help of an attorney.
• B) Unlike other forms of ownership, a partnership has a legal life of its own.
• C) A disadvantage of a partnership is the limited liability of the partners.
• D) A partnership is an incorporated business owned by two or more people.
• E) Partnerships often dissolve within two years.

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Definitions:

Educated Audiences

Groups of individuals who are knowledgeable or have a significant understanding of a particular subject matter.

Disagrees With Position

The act of not sharing the same opinion, view, or stance as someone else on a particular issue or topic.

Resources

Assets or materials that can be drawn upon by an individual or organization to function effectively and achieve goals.

Social Proof

Social proof is a psychological phenomenon where people assume the actions of others in an attempt to reflect correct behavior for a given situation, often used in marketing and persuasion strategies.