12.For federal income tax purposes a partnership is

a.a pass-through entity.

b.sometimes taxed as a separate entity.

c.taxed as a C corporation.

d.not permitted to exceed 100 partnerships (general and limited).

13.A general partner

a.has the right to inspect partnership books and records at all reasonable times.

b.may copy partnership books and records with the consent of the managing partner.

c.may not transfer his/her partnership economic interest without the written consent of all other partners (or partner),.

d.cannot receive a salary from the partnership in addition to his/her share of profits.

14.General partners

a.are not personally liable for the debts of the partnership.

b.are personally liable for the debts of the partnership.

c.are liable for the debts of the partnerhip to the extent of their investment in the partnership.

d.must register as such in the state where the partnership was formed.