Chapter 9 Multiple Choice Advanced Accounting

Which of the following is not a characteristic of a partnership?

A partnership requires written Articles of Partnership.

The advantages of the partnership form of business organization, compared to corporations, include

single taxation.

The disadvantages of the partnership form of business organization, compared to corporations, include

unlimited liability for the partners.

The dissolution of a partnership occurs

when there is any change in the individuals who make up the partnership.

Which of the following type of organization is classified as a partnership, or similar to a partnership, for tax purposes? (I.) Limited Liability Company (II.) Limited Liability Partnership (III.) Subchapter S Corporation

I, II, and III.

Partnerships have alternative legal forms including all of the following except:

Subchapter S Partnership.

Which of the following statements is correct regarding the admission of a new partner?

The right to participate in management of the business cannot be conveyed without the consent of other existing partners.