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Which describes the attributes of a partnership

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Problem 1: Which of the following best describes the attributes of a partnership?

Option 1: Limited ability to raise capital; limited personal liability of owners.

Option 2: Limited ability to raise capital; unlimited personal liability of owners.

Option 3: Ability to raise large capital; unlimited personal liability of owners

Option 4: Ability to raise large amount of capital; limited personal liability of owners.

Problem 2: It is a legal entity created by individuals/shareholders with the purpose of operating for profit. It is allowed to enter into contracts, sue and be sued, own assets, remit federal and state taxes, and borrow money from financial institutions.

Option 1: Cooperative

Option 2: Sole proprietorship

Option 3: Partnership

Option 4: Corporation

Reference no: EM132766867

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