Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What type of business is a Partnership firm?
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?
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:
In terms of liability, partners in a Partnership firm have:
- Variable liability
- Unlimited liability (correct)
- Limited liability
- No liability
