An advantage of a partnership over a corporation is that
A) a partnership's profits are taxed only once, while retained profits of a corporation are taxed twice.
B) a partnership's owners usually have limited liability, while the entire wealth of owners of a corporation is at risk.
C) a partnership has a perpetual life, while a corporation dies with its owners.
D) a partnership's cost of capital is low relative to that of a corporation.
A
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Real GDP is $700 billion, average hours worked per week is 42 and aggregate hours is 150 billion hours. What is the economy's labor productivity?
A) $3.75 per hour B) $1.80 per hour C) $4.67 per hour D) $16.67 per hour E) $4.50 per hour
The longer the time that has elapsed since the price of a good changed, the
A) more elastic the demand for that good. B) steeper the demand curve. C) less elastic the demand for that good. D) smaller the amount of that good bought. E) fewer substitutes available for the good.