1. Which of the following statements is true about partnerships? A. The formatio
ID: 2560783 • Letter: 1
Question
1. Which of the following statements is true about partnerships?A. The formation of a partnership must be documented in writing. B. An LLC is generally treated as a partnership for tax law purposes. C. General partners have no liability for partnership obligations beyond their capital contributions. D. When sue and billy bob invest in land together, they are considered to have formed a partnership. 1. Which of the following statements is true about partnerships?
A. The formation of a partnership must be documented in writing. B. An LLC is generally treated as a partnership for tax law purposes. C. General partners have no liability for partnership obligations beyond their capital contributions. D. When sue and billy bob invest in land together, they are considered to have formed a partnership.
A. The formation of a partnership must be documented in writing. B. An LLC is generally treated as a partnership for tax law purposes. C. General partners have no liability for partnership obligations beyond their capital contributions. D. When sue and billy bob invest in land together, they are considered to have formed a partnership.
Explanation / Answer
Answer =
A: Yes the formation of partnerdhip must be documented in writing so the given statement is true
B: Yes, an LLC is generally treated as partership so the given statment is True.
C: No, General partners have the liabiltity for partnership obligations beyond their capital contributions so the given statement is false
D: No, Bu purhcasing of land together ethere is no partnership will be form , So the given statement id fale.
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