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. Which of the following statements is correct? OA. 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. 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.

. Which of the following statements is correct? OA. 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. 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.

FINANCIAL ACCOUNTING
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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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. 4 B. 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.
Transcribed Image Text: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. 4 B. 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.
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