Which of the Following Is TRUE of the Assets of a Partnership

question 115

Multiple Choice

Which of the following is TRUE of the assets of a partnership?

• A) The partner who is more actively involved in the daily business affairs is considered to be the sole owner of the partnership's assets.
• B) Any new assets purchased by the partnership are jointly owned by each partner.
• C) When a partner contributes a particular asset to the firm, he is considered to be the sole owner of the asset.
• D) In the case of the liquidation of a partnership, the partners must be paid based on the profit sharing ratio of the partnership.

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Definitions:

Lanham Act

A federal statute in the United States that governs trademarks, service marks, and unfair competition, providing protection for brand identities and combating misleading practices.

Misleading Food Advertisements

Advertising practices that falsely represent the quality, nutritional value, or origin of food products, potentially deceiving consumers.

FDA

The Food and Drug Administration, a U.S. federal agency responsible for regulating food, drugs, medical devices, and cosmetics.

Lanham Act

The primary federal trademark statute in the United States, which provides for the registration of trademarks and offers protection against their infringement.