Which of the Following Is a TRUE Statement About the Characteristics

question 161

Multiple Choice

Which of the following is a TRUE statement about the characteristics of partnerships?

• A)Limited partners have mutual agency and unlimited liability for the partnership's debts.
• B)General partners have mutual agency and limited liability for the partnership's debts.
• C)Net income and loss of the partnership "flows through" to the partners.
• D)The partnership agreement must be in writing.

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