According to the Uniform Partnership Act,the Three Key Elements of Any

question 23

Multiple Choice

According to the Uniform Partnership Act,the three key elements of any general partnership are:

• A)A board of directors,a written partnership agreement,and a well-defined product or service.
• B)Two owners,an adequate financial base,and a written statement describing the manner in which profits and losses will be divided.
• C)Common ownership,shared profits and losses,and right to participate in management.
• D)Common stock,a board of directors,and a statement of limited liability.

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Definitions:

Full-Capacity Level

The maximum level of output that a company can sustain over a period of time without incurring additional costs.

Balance Sheet

A financial statement showing a company's assets, liabilities, and shareholders' equity at a specific point in time.

Income Statement

A financial report that shows a company's revenue, expenses, and profits over a specific period of time.

Profit Margin

A financial metric used to assess a company's profitability by dividing net income by revenue.