Which of the following does not apply to a partnership?
A)It must prepare an annual tax return
B)It must apply for an ABN
C)It must register the business name
D)It must prepare financial statements according to the AASB accounting standards

Question

Quizplus · Accepted Answer

Partnerships are not required to prepare financial statements according to the AASB accounting standards, but they do need to keep accurate financial records. The other options listed (preparing an annual tax return, applying for an ABN, and registering the business name) are all requirements for partnerships.

Which of the Following Does Not Apply to a Partnership