Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following is a characteristic of a partnership?
Which of the following is a characteristic of a partnership?
- Liability only for one partner
- Limited liability for the partners
- Unlimited liability for the partners (correct)
- No liability for the partners
What is the default decision-making process in a partnership?
What is the default decision-making process in a partnership?
- Decision by the senior partner
- Majority vote of the partners
- Unanimous agreement of the partners (correct)
- Decision by the youngest partner
How are profits and losses generally shared in a partnership?
How are profits and losses generally shared in a partnership?
- Based on seniority of the partners
- Based on the number of hours worked by each partner
- Proportionate to each partner's capital contribution (correct)
- Equally among all partners
Flashcards are hidden until you start studying
