ACC 455 Week 3 MyAccountingLab, Week 3

Access the MyAccountingLab software and complete this week’s assignments

Identify which of the following statements is true.

A.

An individual engaged in the active conduct of a business must elect not to be taxed as a partnership.

B.

Formation of a partnership requires legal documentation.

C.

A partnership exists as long as there are at least two individuals or entities engaged in the active conduct of a trade or business or a financial operation, and the business is not a trust or a corporation.