Which of the Following Statements Is False Regarding a General

question 90

Multiple Choice

Which of the following statements is false regarding a general partnership?

• A)It is easy to create.
• B)The partners are considered agents of the partnership.
• C)Business losses can be deducted from taxes.
• D)Income of the business is personal income.
• E)In most cases partners do not have personal liability for losses.

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Definitions:

Protection

Measures taken to guard against theft, harm, or damage.

Federal Competition Act

Legislation aimed at promoting and maintaining fair competition practices in the marketplace by regulating anti-competitive practices in a federal jurisdiction.

Contributions

Donations or payments made towards a particular cause, project, or to fulfill a requirement in a group effort.

Dwellings

Residential structures where people live, such as houses, apartments, and other habitable buildings.