Asked by Fantasia Jessie on Jun 18, 2024
Verified
A partnership is a business organized as a separate legal entity.
Separate Legal Entity
A principle acknowledging that a corporation has a separate legal existence from its shareholders, protecting them from the company's debts.
Partnership
A business owned by two or more persons associated as partners.
- Differentiate between different business organizations in terms of formation, liability, and financial risk.
Verified Answer
SC
Sivakumar ChellapanJun 24, 2024
Final Answer :
False
Explanation :
A partnership is not considered a separate legal entity; the partners are personally liable for the business's debts and obligations.
Learning Objectives
- Differentiate between different business organizations in terms of formation, liability, and financial risk.
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