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Which of the following is a characteristic of a partnership? a) The financial loss that a partner may suffer from ownership in a partnership is

  1. Which of the following is a characteristic of a partnership?

    1. a) The financial loss that a partner may suffer from ownership in a partnership is limited.

    2. b) Partners are able to contract on behalf of the partnership.

    3. c) For a partnership, detailed accounting records do not need to be kept for each partner.

    4. d) Partnership income is tax free.

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