Which of the following statements is false regarding a general partnership?
A)It is easy to create.
B)The partners are considered agents of the partnership.
C)Business losses can be deducted from taxes.
D)Income of the business is personal income.
E)In most cases partners do not have personal liability for losses.

Question

Quizplus · Accepted Answer

A)The major disadvantage of partnerships is that partners are personally liable for
the firm's debts.
B)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
C)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
D)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
E)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.

Which of the Following Statements Is False Regarding a General