Which of the following is true about a partnership?
A) The old partnership ends upon the acceptance of a new partner.
B) Only one owner is allowed in a Partnership.
C) The old partnership ends only upon the withdrawal of a partner.
D) Partnerships have an unlimited life.
E) If a new partner is admitted to the partnership, the old partnership must liquidate.
Correct Answer:
Verified
Q40: Rice, Hepburn, and DiMarco formed a partnership
Q41: Partnership accounting:
A) Is the same as accounting
Q42: An unincorporated association of two or more
Q43: A partnership agreement is:
A) The legal relationship
Q44: Unlimited liability of partners is:
A) The legal
Q46: When a partnership is liquidated:
A) The remaining
Q47: Partners' withdrawals of assets are:
A) Debited to
Q48: When a new partner is added to
Q49: The legal relationship among the partners whereby
Q50: Disadvantages of a partnership include:
A) Unlimited liability.
B)
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