Which of the following is a false statement regarding a partnership?
A)It is easy to create.
B)Income of the business is personal income.
C)Business losses can be deducted from taxes.
D)Each partner is considered an agent of the partnership.
E)In most cases,partners do not have personal liability for losses.

Question

Quizplus · Accepted Answer

In a partnership,each partner has personal liability for all losses,including those of another partner (in most cases).

Which of the Following Is a False Statement Regarding a Partnership