New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Which of the following is not a characteristic of

    partnership?
    A Two or more people share ownership of a single business Correct Answer Incorrect Answer
    B The law considers partnership as unique entity separate from its owners Correct Answer Incorrect Answer
    C Partners are jointly and individually liable for the actions of the other partners Correct Answer Incorrect Answer
    D With more than one owner, the ability to raise funds may be increased Correct Answer Incorrect Answer
    E All of the above are true about partnership Correct Answer Incorrect Answer

    Solution

    A partnership is not a separate legal entity . Each partner is fully responsible for debts and liabilities incurred by other partners – with or without their knowledge.

    Practice Next

    Relevant for Exams: