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Financial Accounting

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Moderate

Characteristics of a Partnership

FINACT-NJESXO

Which of the following statements is/are TRUE about a partnership?

Select ALL that apply.

A

It is a type of business organization that has only two owners.

B

The partners share the profits and losses based upon a prearranged formula.

C

Any partner can obligate the business to another party.

D

The personal resources of each partner can be called on to pay the obligations.

E

It represents the largest number of businesses in the United States.