Which of the following is NOT a characteristic of a traditional partnership?
A) A partnership is owned by shareholders or stockholders.
B) If a partnership cannot pay its debts, lenders can take the owners' personal assets to satisfy the obligations.
C) A partnership joins two or more individuals as co-owners.
D) Each partner has the authority to commit the entire partnership to a binding contract.

Question

Quizplus · Accepted Answer

A partnership is not owned by shareholders or stockholders, but rather by the individuals who form the partnership as co-owners.

Which of the Following Is NOT a Characteristic of a Traditional