A Partnership Is a Business with Two or More Owners

question 88

True/False

A partnership is a business with two or more owners that is organized as a corporation.

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Definitions:

Business

All profit-seeking activities and enterprises that provide goods and services necessary to an economic system.

Assets

Resources owned by a business or individual that are expected to provide future economic benefit.

Liabilities

Financial obligations or debts that a company or individual owes to others.

GAAP

Generally Accepted Accounting Principles, a collection of commonly followed accounting rules and standards for financial reporting.