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Which is not true regarding a partnership

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Problem 1: Which of the following is not true regarding a partnership

a. A partnership is a voluntary association of 2 or more persons to do business for profit

b. Partners in general partnerships have unlimited liability

c. All partnership form of business pay income tax

d. Partnership has limited life.

Problem 2: Which of these would not be considered a disadvantage of the partnership form of organization?

a. Limited life

b. Mutual agency

c. Ease of formation

d. Unlimited liability

Problem 3: The statement concerning partnerships that is correct is:

a. A partnership represents an accounting entity for financial reporting purposes.

b. Each partner's share of profit is based on their capital investment.

c. The personal assets of a partner are included in the partnership accounting records.

d. Accountants or lawyers may not form partnerships.

Problem 4: Which is correct with regard to Limited partnerships?

a. guarantee that a partner will get back his/her original investment.

b. are very common type of partnership in the Philippines.

c. are limited to only three partners.

d. must have at least one partner with unlimited liability.

Reference no: EM132864687

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