Which of the Following Statement Is True About Partnerships

question 42

Multiple Choice

Which of the following statement is true about partnerships?

• A)The formation of a partnership must be documented in writing.
• B)An LLC is generally treated as a partnership for tax law purposes.
• C)General partners have no liability for partnership obligations beyond their capital contributions.
• D)When Sue and Billy Bob invest in land together, they are considered to have formed a partnership.

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Definitions:

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The quality of being well-meaning; kindness and generosity toward others.

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A sense of belonging and identity tied to a nation or country, encompassing shared culture, traditions, language, and history.