RUPA makes partnerships legal entities in which respect? Partnerships have …

Question

Quizplus · Accepted Answer

Partnerships have the ability to own property in their own names, meaning that the assets and liabilities of the partnership are distinct from those of the individual partners. Options A, B, and C are not correct because partnerships do not have perpetual existence, are not responsible for their own debts, and are not taxed at the federal level; instead, profits and losses are passed through to the partners and reported on their individual tax returns.

RUPA Makes Partnerships Legal Entities in Which Respect? Partnerships Have