Which of the Following Statements Best Describes Partnerships

question 34

Multiple Choice

Which of the following statements best describes partnerships?

• A)Corporations are at a disadvantage relative to partnerships because they have to file more reports to regulatory agencies, even if they are not publicly owned.
• B)In a regular partnership, liability for the firm's debts is limited to the amount a particular partner has invested in the business.
• C)A fast-growth company would be more likely to set up as a partnership for its business organization than would a slow-growth company.
• D)There must be at least one person acting as a general partner in a limited partnership.

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Definitions:

Back-To-School Shopping

The period in which students and their parents purchase school supplies and apparel before the new school year begins.

Spending

The action of using money to purchase goods or services.

Spending

The act of using money to purchase goods or services.

Income

Funds obtained, often on a recurring schedule, as a result of work or investment profits.