Partnership Firm Features and Characteristics
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Questions and Answers

What type of business is a Partnership firm?

  • Publicly traded company
  • Non-profit organization
  • Government-owned corporation
  • Business owned and managed by two or more individuals (correct)

    • Which of the following is NOT a feature of a Partnership firm?

  • Mutual agency
  • Unlimited liability
  • Ease of formation
  • Separate legal entity (correct)

    • In terms of liability, partners in a Partnership firm have:

  • Variable liability
  • Unlimited liability (correct)
  • Limited liability
  • No liability

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