Which of the Following Is NOT a Characteristic of a Partnership

question 46

Multiple Choice

Which of the following is NOT a characteristic of a partnership?

• A)The partners have limited liability for the debts of the partnership.
• B)The partnership pays no separate business profit tax.
• C)Each partner has a separate capital account.
• D)Each partner has mutual agency.

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Definitions:

Licensed Provider

An individual or entity that has received official authorization or certification to offer services in a particular professional field.

Miracle Cures

Unverified and often exaggerated treatments claimed to cure diseases or ailments quickly and without side effects.

Fraud

The deliberate deception or dishonesty intended to result in financial or personal gain.

Risk Management

The process of identifying, assessing, and controlling threats to an organization's capital and earnings.