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Which the partnership form of business is

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Problem 1: A general partner in a limited partnership

A. has unlimited liability for all partnership debts.

B. is responsible for the management of the partnership business.

C. is liable for partnership liabilities only to the extent of his/her capital equity.

D. a and b

Problem 2: The individual assets invested by a partner in a partnership

A. revert back to that partner if the partnership liquidates

B. determine that partner's share of net profit or loss for the year.

C. are jointly owned by all partners.

D. determine the scope of authority of that partner.

Problem 3: The partnership form of business is

A. restricted to law and medical practices.

B. restricted to firms having fewer than 10 partners.

C. not restricted to any particular type of business.

D. most often used by relatively large organizations.

Reference no: EM132756469

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