CHAPTER 10: PARTNERSHIPS: FORMATION, OPERATION, AND BASIS (SOM 572)
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CHAPTER 10: PARTNERSHIPS: FORMATION, OPERATION, AND BASIS
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CHAPTER 10: PARTNERSHIPS: FORMATION, OPERATION, AND BASIS
1. A partnership is an association formed by two or more taxpayers (who may be any type of entity) to carry on a trade or business.
a. True
b. False
ANSWER: True
RATIONALE: A partnership can have partners who are individuals, corporations, Subchapter S corporations, trusts, associations or even other partnerships.
2. In a limited liability company, all members are protected from all debts of the partnership unless they personall...
Exam (elaborations)
CHAPTER 10: PARTNERSHIPS: FORMATION, OPERATION, AND BASIS
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CHAPTER 10: PARTNERSHIPS: FORMATION, OPERATION, AND BASIS 1. A partnership is an association formed by two or more taxpayers (who may be any type of entity) to carry on a trade or business. a. True b. False ANSWER: True RATIONALE: A partnership can have partners who are individuals, corporations, Subchapter S corporations, trusts, associations or even other partnerships. 2. In a limited liability company, all members are protected from all debts of the partnership unless they personall...
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