8. Which of the following is true regarding a general partnership? A.Partnership debt must be apportioned based on partnership percentages. B.The partnership must file a certificate of formation with its home state. C.Partners have unlimited liability for partnership debts. D.The partnership must remit federal income taxes on behalf of the partners 11. Which of the following statements is correct regarding a limited liability company's operating agreement? A.It must be filed with a central state agency. B.It must contain the name and address of the limited liability company's registered agent. C.It contains provisions for allocating profits and losses to the owners. D.It allows a limited liability company to legally transact business
8. Which of the following is true regarding a general partnership? A.Partnership debt must be apportioned based on partnership percentages. B.The partnership must file a certificate of formation with its home state. C.Partners have unlimited liability for partnership debts. D.The partnership must remit federal income taxes on behalf of the partners 11. Which of the following statements is correct regarding a limited liability company's operating agreement? A.It must be filed with a central state agency. B.It must contain the name and address of the limited liability company's registered agent. C.It contains provisions for allocating profits and losses to the owners. D.It allows a limited liability company to legally transact business
Chapter10: Partnership Taxation
Section: Chapter Questions
Problem 23MCQ
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8. Which of the following is true regarding a general partnership ?
A.Partnership debt must be apportioned based on partnership percentages.
B.The partnership must file a certificate of formation with its home state.
C.Partners have unlimited liability for partnership debts.
D.The partnership must remit federal income taxes on behalf of the partners
11. Which of the following statements is correct regarding a limited liability company's operating agreement?
A.It must be filed with a central state agency.
B.It must contain the name and address of the limited liability company's registered agent.
C.It contains provisions for allocating profits and losses to the owners.
D.It allows a limited liability company to legally transact business
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