Which of the Following Statements Is True About Partnerships

question 50

Multiple Choice

Which of the following statements is true about partnerships?

• A)The formation of a partnership must be documented in writing.
• B)An LLC is generally treated as a partnership for tax law purposes.
• C)General partners have no liability for partnership obligations beyond their capital contributions.
• D)When Sue and Billy Bob invest in land together, they are considered to have formed a partnership.

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Definitions:

Genetic Combinations

Genetic combinations refer to the various genetic makeups produced through the mixing of parental genes.

Laws of Probability

Mathematical principles that describe the likelihood of events occurring, used to predict the outcomes of various scenarios.

Sperm

The male reproductive cell or gamete, which is necessary for fertilization of the female ovum, leading to the development of an embryo.

Genetic Material

Molecules like DNA or RNA in living organisms that carry genetic information critical for inheritance, function, and development.