College Accounting, Chapters 1-27, Loose-leaf Version
College Accounting, Chapters 1-27, Loose-leaf Version
22nd Edition
ISBN: 9781305667624
Author: James A. Heintz, Robert W. Parry
Publisher: South-Western College Pub
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Chapter 19, Problem 3TF
To determine

Identify whether the given statement is true or false.

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Which one of the following statements is true regarding a partner's personal liability for partnership debts? In a limited partnership, all partners have limited liability for partnership debts In a general partnership, all partners are liable for entity debts. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. LLC members can never be liable for entity debts.
The following are rights of a partner in a partnership, except one:   Right to compensation Right to information Right to return of capital Right to agency
Which of the following is not a characteristic of a partnership? A. The partnership itself pays no income taxes. B. It is easy to form a partnership. C. Any partner can be held personally liable for all debts of the business. D. A partnership requires written Articles of Partnership. E. Each partner has the power to obligate the partnership for liabilities.
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