Compared to a Proprietorship, a Disadvantage of a Partnership Is

question 82

Multiple Choice

Compared to a proprietorship, a disadvantage of a partnership is

• A) that profits are taxed twice.
• B) that it is harder to keep the firm going after the death of an owner.
• C) unlimited liability.
• D) that potential liability to each partner is greater.

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Definitions:

Uniform Probate Code

A set of laws designed to standardize the process of administering a deceased person's estate across different jurisdictions.

Devise

Real property that is left in a will. In states that have adopted the Uniform Probate Code, the term refers to both real and personal property.

Defense of Marriage Act

A U.S. federal law enacted in 1996 that defined marriage as a union between one man and one woman for federal and inter-state recognition purposes, partially struck down in 2013.

Constitutionality

The quality or condition of being in accordance with a political constitution, especially pertaining to the legality of actions or statutes.