Which of the Following Is True About a Partnership

question 63

Multiple Choice

Which of the following is true about a partnership?

• A) Sharing of gross profits is sufficient evidence of a partnership
• B) A limited partnership is an arrangement in which a partner can limit her liability to her investment
• C) A partnership is formed when the parties intend to create it
• D) General partners are not agents of the partnership and the other partners

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Definitions:

Melting Pot

A metaphor for a society where many different types of people blend together as one, often used to describe the assimilation of immigrants into American culture.

U.S. Constitution

The supreme law of the United States, establishing the framework of the national government and the fundamental rights and freedoms of its citizens, ratified in 1787.

Original Thirteen

Refers to the first thirteen colonies that declared independence from British rule in 1776, eventually forming the United States of America.

Local Self-Government

The management and governance of local affairs by local authorities or the community, allowing for decision-making at the closest level to the citizens.