Which of the Following Is a TRUE Statement About the Characteristics

question 59

Multiple Choice

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

• A)In a limited liability partnership,all partners have limited liability for the partnership's debts.
• B)General partners in a general partnership have mutual agency and limited liability for the partnership's debts.
• C)Income and losses of the partnership "flow through" to the partners.
• D)The partnership agreement must be in writing.

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Definitions:

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A male reproductive cell or gamete, involved in sexual reproduction, carrying half of the genetic information to the offspring.

Ovum

A female reproductive cell or egg, which when fertilized by a sperm, can develop into an embryo.