Mike,Randy,and Steve Are Partners of a Partnership

question 41

Multiple Choice

Mike,Randy,and Steve are partners of a partnership.Mike and Steve loan the partnership $10,000 each.Which of the following statements is true?

• A)Randy is a debtor of the partnership.
• B)Mike and Steve are the sole owners of the partnership.
• C)Mike and Steve are both owners and creditors of the partnership.
• D)Mike,Randy,and Steve are all owners and creditors of the partnership.

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Definitions:

Nonfunctionality

The state of being without a specific function or not operating in a normal or intended manner.

Irreversibility

A concept in cognitive development where the understanding that certain processes cannot be undone or returned to their original state is lacking.

Noncorporeal Continuation

The view that some form of life and personal continuity exists after the physical body has died.

Biological Causality

The study of biological processes and phenomena and their causes and effects.