Which of the Following Is a True Statement About the Characteristics

question 20

Multiple Choice

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

• A) In a limited-liability partnership, a wayward partner can create a large liability for the other partners.
• B) General partners have mutual agency and limited liability.
• C) Income and loss of the partnership "flows through" to the partners.
• D) The partnership agreement must be in writing.

---

Definitions:

Wild Card

In computing, a symbol used to substitute for any other character or characters in a string.

Third-Party Verification

An independent assessment performed by an external entity to verify the claims made by a party, often used in transactions or compliance checks.

Debit Card

A purchasing card that immediately takes money out of an individual's bank account to settle a transaction.

Physical Store Locations

Brick-and-mortar sites where businesses sell their products or offer services directly to customers in person.