Which one of the following statements is true regarding a partnership? a. The enterprise has a lack of continuity in that a new enterprise will be formed when the previous one is disbanded. b. A founding statement and a Memorandum of Incorpora

The correct statement regarding a partnership is: **a. The enterprise has a lack of continuity in that a new enterprise will be formed when the previous one is disbanded.** Partnerships do not have a legal personality separate from their members, and the dissolution of a partnership typically leads to the formation of a new partnership if the remaining members choose to continue the business. The other options are characteristics of different types of business entities, such as corporations or limited liability companies, rather than partnerships. Update (2024-10-23): The correct statement regarding a partnership is: **a. The enterprise has a lack of continuity in that a new enterprise will be formed when the previous one is disbanded.** In a partnership, the business does not have perpetual existence; if one partner leaves or passes away, the partnership may dissolve, and a new partnership may need to be formed. The other statements are incorrect in the context of partnerships: - b. A founding statement and a Memorandum of Incorporation are associated with corporations, not partnerships. - c. Partnerships do not have a separate legal persona; they are generally not considered a legal person distinct from their partners. - d. In a partnership, members can be personally liable for the debts of the business, meaning their personal assets could be at risk.