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Which of the partnership characteristics is a disadvantage

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Problem 1: Which of the following partnership characteristics is a disadvantage?

a. Unlimited liability

b. Voluntary association

c. Ease of dissolution

d. Participation in partnership income

Problem 2: A partnership agreement should include

a. The method of allocating profits and losses.

b. The purpose of the business

c. Each partner's duties

d. All of these.

Problem 3: In a limited partnership

a. The general partners have limited liability.

b. All partners have limited liability

c. All but general partners have limited liability

d. All but general partners have unlimited liability

Problem 4: Which of the following characteristics apply to general professional partnership

a. Unlimited life

b. Unlimited liability

c. Right of succession

d. All of these

Reference no: EM132937402

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