Asked by Genna Greco on May 02, 2024
Verified
A partnership is a business which:
A) is easy to form.
B) ends with the death of a partner.
C) is owned by more than one person.
D) All of these answers are correct.
Partnership
A type of business organization in which two or more individuals own and operate the business, sharing its profits and liabilities.
Death of a Partner
A significant event in a partnership that necessitates the revaluation and redistribution of partnership assets, liabilities, and equity according to the partnership agreement.
- Learn about the unique features, merits, and demerits of various business setups (sole proprietorship, partnership, corporation).
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
D
Explanation :
All the statements are correct regarding a partnership. It is easy to form, typically ends with the death of a partner unless otherwise agreed upon, and is owned by more than one person.
Learning Objectives
- Learn about the unique features, merits, and demerits of various business setups (sole proprietorship, partnership, corporation).