Which of the Following Statements Regarding Partnerships Is True

question 23

Multiple Choice

Which of the following statements regarding partnerships is true?

• A)Partnerships must register with the federal government.
• B)Partnerships pay taxes to the IRS.
• C)Partners must register with the state government.
• D)Partners must abide by the separate entity concept and keep their personal assets separate from the partnership assets.

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Definitions:

Competitive Strategy

A long-term plan formulated by a company to gain a competitive advantage over its rivals in the industry, focusing on strengths, market positioning, and customer value.

Responsive

The capability of reacting quickly and positively to changes or demands in the environment.

Uncertainty/Responsiveness Map

This map visualizes the relationship between the uncertainty faced by an organization and its ability to respond effectively, aiding in strategic planning.

Responsiveness Spectrum

Describes the range of a company's ability to adapt its operations and processes to meet market changes and customer demands.