1. S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protectedS2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * Both statements are false S1 True; S2 False S2 True; S1 False Both statements are true 2. [S1] Forming a partnership requires two or more people agreeing to be partners contributing all their personal properties. [S2] Oral agreements of partners are not allowed. * Statement 2 is true. Both statements are true. Both statements are false.
1. S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protectedS2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * Both statements are false S1 True; S2 False S2 True; S1 False Both statements are true 2. [S1] Forming a partnership requires two or more people agreeing to be partners contributing all their personal properties. [S2] Oral agreements of partners are not allowed. * Statement 2 is true. Both statements are true. Both statements are false.
Chapter21: Partnerships
Section: Chapter Questions
Problem 5BCRQ
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Question
1. S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protectedS2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. *
Both statements are false
S1 True; S2 False
S2 True; S1 False
Both statements are true
2. [S1] Forming a partnership requires two or more people agreeing to be partners contributing all their personal properties. [S2] Oral agreements of partners are not allowed. *
Statement 2 is true.
Both statements are true.
Both statements are false.
Statement 1 is true.
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