1. Dissolution of a partnership: A. implies that the business operations will halt. B. occurs when there is any change in the members of the partnership. C. implies that the business cannot continue with a new group of partners. D. implies that the business cannot form a different ownership structure.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Dissolution of a partnership:

A. implies that the business operations will halt.

B. occurs when there is any change in the members of the partnership.

C. implies that the business cannot continue with a new group of partners.

D. implies that the business cannot form a different ownership structure.

2. In comparison with the single proprietorship form of organization, the partnership form offers which of the following advantages?

A. simple transfer of interest in the partnership to outsiders.

B. combination of ability and experience of the partners.

C. legal liability of each partner for all the debts of the partnership.

D. limited life

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