T or F: A partnership is a business operation that is 1) organized according to state...
T or F: A partnership is a business operation that is 1) organized according to state or federal statutes as a separate legal entity, and 2) ownership is divided into shares of stock.
(If false, identify and correct the errors.)
Homework Answers
A partnership is a business operation that is
- organized according to state or federal statutes as a separate legal entity----True
A partnership firm has a separate legal entity of its own. Partners are added and removed but the firm remains intact. Although partnership can be dissolved by agreement between partners.
- ownership is divided into shares of stock---False
Error- In partnership firm the partners do not get shares of stock instead they get a portion of profit in profit sharing ratio. Shares of stock are issued in companies.
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