QUESTION 1 A corporation may not be a partner in a partnership. True False QUESTION 2 Which of the following is NOT an advantage of a partnership? a. It is possible to bring together more capital than in a sole proprietorship b. Each partner has limited liability, c. It is possible to bring together more managerial skills than in a sole proprietorship, d. Partners' income taxes may be less than the income taxes would be on a corporation. QUESTION 3 Terry and Emest agree to become partners in advertising and promoting the Midway Fair to be held three years hence. If they agree orally, will the partnership agreement be enforceable? a. Yes, as long as a division of profits is achieved b. No, because the venture cannot be performed within one year c. Yes, since no writing is required d. No, due to arguments about terms