All of the following statements about partnerships are true except
A)partners must share profits and losses equally.
B)a change in ownership will dissolve the partnership.
C)any partner can enter into a binding agreement with a third party.
D)all partners have unlimited liability.

Question

Quizplus · Accepted Answer

Partners do not necessarily have to share profits and losses equally. The distribution of profits and losses can be determined by the partnership agreement, allowing for flexibility in how partners decide to divide them.

All of the Following Statements About Partnerships Are True Except