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:

Planned Pay

A strategic approach to compensation where organizations plan and structure employee pay scales based on roles, performance, and market conditions.

Independently Negotiated

Terms or agreements that have been discussed and agreed upon between parties without external influence or coercion.

Training Rate

The pace or speed at which new employees are trained and prepared to perform effectively in their roles within an organization.

FLSA

The Fair Labor Standards Act, which sets standards for wages, overtime pay, and employment of minors in the United States.