Which of the following is a strong feature of partnership?

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Accounts - Principles of Accounts JAMB 1995

Which of the following is a strong feature of partnership?

  • The life of the partnership is generally assumed to be indefinite
  • The owners are liable personally for all debts of the business checkmark
  • The transfer of ownership interest is frequent and easy to accomplish
  • The partnership is complex to form because of many legal and reporting requirements

The correct answer is: B

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