Partnership Fundamentals Quiz
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Questions and Answers

What is a disadvantage of a general partnership?

  • Unlimited personal liability (correct)
  • Limited personal liability
  • Ease of formation
  • Double taxation

    • Which of the following is a characteristic of a partnership?

  • Sole decision making
  • Limited liability
  • Unlimited liability (correct)
  • No sharing of profits

    • In a partnership, who shares in the management and control of the business?

  • Creditors
  • Employees
  • Partners (correct)
  • Investors

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