Which one of the following statements is true about a partnership?a.A partnership is regarded as a separate taxpayer.b.A partnership has its own estate separate from its partners and their personal assets.c.The partners are jointly and severally liable for all claims made against the partnership.d.The continued existence of a partnership is not dependent on the legal capacity of the partners.

Which of the following statements is INCORRECT? Select one: a. A partnership agreement must be in writing. It cannot be reached orally or by a course of conduct. b. The Partnership Act determines partners’ rights, duties and interests, if not included in the partnership agreement. c. The rights and obligations of partners to each other arise from the partnership agreement, the statute, and the equitable concept of the fiduciary. d. If an agreement provides that a person should be paid a percentage of the profits made by their firm, they may be a partner and jointly liable to creditors of the firm.

Understanding Legal StructuresWhich of the following is true regarding partnerships? (More than one option can be correct.)A partnership requires at least four members to form.The partners agree to the terms and conditions mentioned in the partnership deed.All partners have unlimited liability.All partners are required by law to share the profits equally.

Which ONE of the following statements is CORRECT?a.In the absence of any provision in the contract that regulates how partners will share in the profit, a division of assets upon dissolution is made in proportion to the partners’ respective contributions to the enterprise.b.The assets of the partnership do not belong to the partners, but to the partnership.c.In the absence of any provision in a contract that regulates how partners share in the net profit or loss of the partnership, the net profit or loss is shared equally by all the partners.d.The natural consequences of a contract are those consequences which apply to a particular type of contract by choice of the parties to that contract.

Which of the following statements concerning business entities is incorrect:a.The liability of shareholders to contribute to the debts of their company is normally limitedb.Partnerships are regarded as separate legal entitiesc.Individual partners are personally liable for partnership debtsd.A sole proprietorship is an accounting entitye.The shareholders of a Public Listed Company do not automatically receive dividend payments when a company makes a profit during the current financial yearselect an ans

A partnership is a form of business organization with only one proprietary owner, a single individual who conducts business under his own name or a business name.Group of answer choicesTrueFalse