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Question

Which of the following is not a characteristic of partnership?

A Two or more people share ownership of a single business Correct Answer Incorrect Answer
B The law considers partnership as unique entity separate from its owners Correct Answer Incorrect Answer
C Partners are jointly and individually liable for the actions of the other partners Correct Answer Incorrect Answer
D With more than one owner, the ability to raise funds may be increased Correct Answer Incorrect Answer
E All of the above are true about partnership Correct Answer Incorrect Answer

Solution

A partnership is not a separate legal entity . Each partner is fully responsible for debts and liabilities incurred by other partners – with or without their knowledge.

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