A Partnership Is an Unincorporated Business Activity Owned by at Least

question 33

True/False

A partnership is an unincorporated business activity owned by at least two taxpayers.

---

Definitions:

F.O.B. Ocean City

Free on Board Ocean City, a shipping term indicating that the seller is responsible for goods and their cost of transport until they are loaded aboard a vessel at Ocean City.

Destination Contract

A type of contract specifying that the seller is responsible for the goods until they are delivered to a specific destination or address as indicated in the contract.

Shipment Contract

A legal agreement where the seller is obligated to send the goods to a specific destination, with the risk of loss passing to the buyer upon delivery to the carrier.

Voidable

A contract or transaction that is valid until one party, who is entitled to do so because of some legal deficiency, chooses to void it.