For a Business Organized as a General Partnership, Which Statement

question 42

Multiple Choice

For a business organized as a general partnership, which statement is true?

• A) The owners and the business are separate legal entities.
• B) Each partner is potentially responsible for the debts of the business.
• C) Formation of a partnership requires getting a charter from the province of incorporation.
• D) A partnership is not considered to be a separate accounting entity.

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Definitions:

Environmental Performance Index (EPI)

A method of quantifying the environmental performance of a country's policies.

GDP

Gross Domestic Product, a measure of the total economic output of a country, representing the total value of all goods and services produced over a specific time period.

Combined Profit

The total profit earned by all firms in a particular market or industry, summed together.

Policies

Principles or rules established by organizations, governments, or groups to guide decisions and achieve rational outcomes.