Which of the Following Statements Is TRUE with Respect to Partnerships

question 49

Multiple Choice

Which of the following statements is TRUE with respect to partnerships?

• A)As a matter of law, a partnership is treated as a type of "person," distinct from the individuals who act as partners.
• B)As a general practice, each partner is an employee of the partnership.
• C)As a matter of risk management, a general partnership carrying on any type of business should be organized so that each partner is a limited liability partner.
• D)Partnership property includes every piece of property that is held by any of the partners.
• E)In a general partnership, each partner has unlimited personal liability for the obligations of the partnership.

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Definitions:

Internal Contextual Variables

Factors within an organization or individual that influence behavior, decisions, or actions, including beliefs, attitudes, and internal environment.

Boss

A person who is in charge of a worker or organization, responsible for directing and overseeing the work of others.

Heredity

The passing of traits or characteristics from parents to offspring through genes.

Acute Grief

The intense emotional response that occurs in the immediate aftermath of a significant loss.