Which of the Following Is Correct with Respect to Partnership

question 53

Multiple Choice

Which of the following is correct with respect to partnership?

• A)A partnership can be made up of only limited partners.
• B)Partnership is a separate legal entity.
• C)Partners are not agents for each other.
• D)General partners have unlimited liability.
• E)General partners have limited liability.

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Definitions:

Municipal Bond

A debt security issued by a state, municipality, or county to finance its capital expenditures, usually exempt from federal taxes and, in some cases, state and local taxes.

Corporate Bond

A type of debt security issued by a corporation to raise funds from investors, who are owed repayment of the loan plus interest.

Futures Contract

A Futures Contract is a legal agreement to buy or sell a particular commodity or financial asset at a predetermined price at a specified time in the future.