Reference no: EM132756416

Problem 1) All of the following are true of a partnership except __________.

A. there may be 100 partners

B. the formation requires no written agreement

C. it must be a business for profit

D. all of the above statements are true

Problem 2) Advantages of Forming a partnership over a proprietorship include all of the following except __________.

A. partnership can raise more capital

B. partnership has an income tax advantage over a proprietorship

C. a partnership brings together the expertise of more than one person

D. the business can be expanded by adding more partners

Problem 3) All of the following items should be addressed in a written partnership agreement except for the __________.

A. procedure for liquidating the partnership

B. of sharing profits and losses among the partners

C. procedure for adding new partners and for settling with a partner who withdraws from the business

D. all of the above should be addressed in a written partnership agreement