Which of the Following Is Required to Form a Partnership

question 12

Multiple Choice

Which of the following is required to form a partnership?

• A)A general partner
• B)A limited partner
• C)A secret partner
• D)A silent partner

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Definitions:

Normal Balance

The side (debit or credit) of an account that is usual or expected to increase the balance of that account.

Liability

Financial obligations or debts that a company owes to others, which must be settled through the transfer of assets or provision of services.

Asset

An economic resource that can be owned or controlled to produce value and that is held by a company to produce positive economic value.

Equity

The worth of an owner's stake in a property or business once all debts and other financial obligations have been subtracted.