Jimmy Wishes to Form a Partnership with His Friend Timmy

question 65

Multiple Choice

Jimmy wishes to form a partnership with his friend Timmy.They intend to run a used computer shop together.Which of the following elements must be present in order to establish the partnership?

• A)They must both be good at repairing computers.
• B)They must both intend to make a profit.
• C)They must share the profits equally between them.
• D)They must register the partnership with ASIC.

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Definitions:

Original Positions

A theoretical concept in social contract theory used to set up a fair position for agreeing upon principles of justice.

Strategic Intent

The long-term vision or direction of an organization that guides its plans and actions toward achieving set goals.

Family Ownership Vision

The long-term goals and aspirations held by family members for their family-owned business, guiding decision-making and future planning.

Leadership Influence

The impact that leaders have on their followers' attitudes, behaviors, and performance, often determining the direction and success of an organization.