Paralegal Exam Prep

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Which of the following is NOT true about partnerships?

Partnerships are controlled by state law.
A non-profit organization can be a partnership.
A partnership has two or more people.
Each partner is personally liable for the debts of the partnership.
Each partner claims a share of the partnership's business income.

Explanation

Answer: B. That a non-profit organization can be a partnership is not true about partnerships. Partnerships are defined by state law. Generally, only for-profit businesses can be organized as partnerships.

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