. Which of the following statements is correct? O A. The liability of the partners for the debts of the partnership is limited to the amounts invested by each partner. OB. The lifespan of a partnership is perpetual. O C. A loan cannot be obtained in the name of the partnership. OD. A partnership business is liable for its own taxes on the profits earned.

. Which of the following statements is correct? O A. The liability of the partners for the debts of the partnership is limited to the amounts invested by each partner. OB. The lifespan of a partnership is perpetual. O C. A loan cannot be obtained in the name of the partnership. OD. A partnership business is liable for its own taxes on the profits earned.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following statements is correct?
O A. The liability of the partners for the debts of the partnership is limited to the amounts invested by each
partner.
O B. The lifespan of a partnership is perpetual.
OC. A loan cannot be obtained in the name of the partnership.
OD. A partnership business is liable for its own taxes on the profits earned.

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