CHAPTER 12: ACCOUNTING FOR PARTNERSHIPS AND LIMITED
LIABILITY COMPANIES
1. There are only four legal structures to form and operate a business.
a. True
b. False
2. In a general partnership, each partner is individually liable to creditors for debts incurred by the partnership, to
the extent of the partner's capital balance.
a. True
b. False
, Chapter 12: Accounting for Partnerships and Limited Liability Companies
10. An advantage of the partnership form of business is that each partner’s potential loss is limited to that partner’s
investment in the partnership.
a. True
b. False
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