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Which of the following statements about partnerships is true? The income earned from partnerships is taxed at the partner level. Individual partners are liable for
Which of the following statements about partnerships is true?
The income earned from partnerships is taxed at the partner level.
Individual partners are liable for partnership debts to the extent of their partnership capital account balances.
The ability to raise capital is no different than that of a proprietorship.
Individual partners are shareholders of the joint activities of the partnership.
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