Which of the Following Is Incorrect Regarding Partnerships

question 70

Multiple Choice

Which of the following is incorrect regarding partnerships?

• A)Legally,there is no economic separation between a partnership and its owners.
• B)A partnership is a voluntary association of individuals.
• C)If the partnership agreement does not describe the method of income and loss distribution,the partners must share income and losses equally.
• D)When individuals invest property in a partnership,they co-own the property with the partnership.

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Definitions:

Level III

A designation referring to a third or intermediate tier in a hierarchical structure of classifications, standards, or stages, often indicating a specific level of competency or development.

Stage 6

A phase or level in a process or series of developments, often used to describe stages of moral, psychological, or physical growth.

Morality

Principles concerning the distinction between right and wrong or good and bad behavior.

Ethos

A rhetorical appeal to an audience based on the speaker or writer's credibility.