Practice Quiz

DSST Business Law II Exam Prep

Category - DSST Business Law II

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Which of the following is NOT true about partnerships?
  1. Partnerships are controlled by state law.
  2. A non-profit organization can be a partnership.
  3. A partnership has two or more people.
  4. Each partner is personally liable for the debts of the partnership.
  5. 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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