Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following does not describe the partnership form of organization? a. Partnerships allow numerous individuals to combine their efforts for a variety of

Which of the following does not describe the partnership form of organization? a. Partnerships allow numerous individuals to combine their efforts for a variety of business purposes in an organization that can last indefinitely. b. Partnerships can survive the admission of new partners and the disassociation of existing partners as they retire. c. From a tax standpoint, the taxing authorities view the partnership as a taxable entity and tax its profit like other forms of organization. d. Partnerships also pass through liabilities to the partners.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions