When a partner contributes an asset with an outstanding obligation into a partnership,such as a building with a mortgage,the obligation is transferred to the partnership.
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Q21: A limited partnership:
A) must have at least
Q22: List four of the characteristics of a
Q23: When a partnership is formed,each partner's initial
Q24: Name a partnership characteristic AND describe the
Q25: The partnership characteristic of co-ownership of property
Q27: Contributions to a partnership are entered in
Q28: Most professionals such as doctors,lawyers and public
Q29: The profits of a general partnership:
A) are
Q30: Which of the following statements is TRUE
Q31: Which of the following BEST describes the
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