A Partnership Is a Business That Is Jointly Owned by Two

question 12

True/False

A partnership is a business that is jointly owned by two or more people.

---

Definitions:

Business Use

Utilization of assets or services directly and primarily for the activities of conducting trade or business.

Fixed Business Location

A permanent place of business from which a company's day-to-day operations are conducted.

Standard Mileage Rate

A predetermined rate used to calculate deductions for business-related vehicle expenses based on miles driven.

Mileage Deduction

A tax deduction that allows taxpayers to deduct vehicle expenses for business, medical, moving or charitable reasons, based on miles driven.