Which of the following statements is true about partnerships?
A) The formation of a general partnership must be documented in writing.
B) An LLC is generally treated as a partnership for tax law purposes.
C) General partners have no liability for partnership obligations beyond their capital contributions.
D) When Sue and Billy Bob invest in land together, they are considered to have formed a partnership.
Correct Answer:
Verified
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Q19: Because a partnership does not pay taxes,
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