121 Which of the following details will a typical partnership : 2112477
121 Which of the following details will a typical partnership agreement contain?
The specific details of each partner's personal wealth
The number of employees who will work in the partnership firm
The specific duties and responsibilities that each partner will assume
The state in which the partnership is to be registered
122 A general partnership avoids the problem of _____ endemic to corporations.
123 Compared to a sole proprietorship, a general partnership:
has certainty regarding how long a business will last.
is likely to have a stronger financial base.
has limited ability to attract and maintain employees.
is likely to have limited liability.
124 A similarity between general partnerships and sole proprietorships is:
their ability to pool in financial resources.
their ability to share responsibilities.
their ability to avoid double taxation.
the limited liability the owners enjoy.
125 Which of the following statements is true of general partnerships?
In general partnerships, a partner is liable only for his or her own mistakes.
All general partners in general partnerships have unlimited liability for the debts and obligations of their business.
In case of lawsuits filed against general partnerships, only the assets invested in the business by the partners are at risk and not their personal assets.
All general partnerships are subjected to double taxation.