Which of the following is true of the assets of a partnership? A. Any new assets

ID: 2556931 • Letter: W

Question

Which of the following is true of the assets of a partnership?

Any new assets purchased by the partnership are jointly owned by each partner.

The partner who is more actively involved in the daily business affairs is considered to be the sole owner of the partnership's assets.

In case of liquidation of assets, the partners must be paid based on the profit sharing ratio of the partnership.

When a partner contributes a particular asset to the firm, he is considered to be the sole owner of the asset.

The correct answer is Option A: Any new assets purchased by the partnership are jointly owned by each partner.

SInce, the partnership is a broader term and partners' are its member, any asset purchased by it will be owned jointly by the partners.

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