The partnership form of business organization
A)is a separate legal entity.
B)is a common form of organization for service-type businesses.
C)enjoys an unlimited life.
D)has limited liability.

Question

Quizplus · Accepted Answer

Partnerships are particularly common in service-type businesses where personal expertise and professional skills are crucial, such as law firms, accounting firms, and consulting agencies. They are not separate legal entities, do not enjoy an unlimited life (they are dissolved when a partner leaves, unless otherwise agreed), and partners have unlimited liability for the debts of the business.

The Partnership Form of Business Organization