Which of the following statements about partnerships is the most accurate?
A)A partnership is simply a corporation with fewer than 100 owners.
B)A major advantage of a partnership is that it offers owners limited liability.
C)A major drawback of a partnership is that it is difficult to terminate.
D)Partnerships are taxed at the lowest corporate tax rate.

Question

Quizplus · Accepted Answer

A major drawback of a partnership is that it can be difficult to terminate due to the need to dissolve the partnership agreement and settle any outstanding obligations.

Which of the Following Statements About Partnerships Is the Most