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:

Fast Food

Quick-service restaurant offerings that are prepared and served very quickly, often emphasizing affordability and convenience over nutritional value.

Potato Chips

Snack food made from thin slices of potato that are either baked or fried until crispy.

FDA Announcement

An official statement released by the Food and Drug Administration related to approvals, safety information, or regulatory actions concerning drugs, food, or other products.

Quantity Supplied

The aggregate quantity of a product or service that suppliers are prepared and capable of offering for sale at a certain price during a defined timeframe.