Which of the following is NOT a characteristic of a partnership?
A)The partnership pays no separate business profit tax.
B)The partners have limited liability for the debts of the partnership.
C)Each partner has a separate capital account.
D)Each partner has mutual agency.

Question

Quizplus · Accepted Answer

In a partnership, partners typically have unlimited liability, meaning they are personally responsible for the debts of the partnership, unlike in a corporation where liability is limited.

Which of the Following Is NOT a Characteristic of a Partnership