Which of the following is a characteristic of a partnership?
A) The profits,taxes,and legal liability are the responsibility of two or more owners.
B) It is a legal entity separate from its owners.
C) Its income is taxed twice-once on the partnership's income tax return and again on the partners' individual income tax returns.
D) It is the only organizational form appropriate for service businesses.
Correct Answer:
Verified
Q29: Directors of a corporation:
A)want to ensure they
Q30: People or organizations to whom a business
Q31: With respect to the audience targeted for
Q32: Financing that individuals or institutions have provided
Q33: Managerial accounting reports prepared for internal use
Q35: Which of the following is typically considered
Q36: Public corporations are businesses:
A)owned by two or
Q37: Internal users of financial data include:
A)investors.
B)creditors.
C)management.
D)regulatory authorities.
Q38: Which of the following statements below is
Q39: A sole proprietorship is:
A)a separate legal and
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