Which of the Following Is Correct with Respect to the Law

question 157

Multiple Choice

Which of the following is correct with respect to the law of partnership?

• A) All partnerships must be registered.
• B) Partnership is generally a less costly method of carrying on business than incorporation.
• C) All partners have a right to an equal say in the management of the partnership and this cannot be changed by agreement.
• D) The partnership relationship is governed by legislation that states that profits and losses are to be shared equally, and this cannot be modified by agreement.
• E) Any major change in the partnership must be made by unanimous agreement, and this cannot be changed by partnership agreement.

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Definitions:

Business Ethics

Principles and standards that govern the conduct of individuals and organizations in the business world.

Routine Practices

Established procedures and standards that are followed regularly by organizations or individuals.

Whistleblowing

The act of exposing any kind of information or activity deemed illegal, unethical, or not correct within an organization.

Communication Costs

Expenses associated with the transfer of information, such as telecommunications, mailing, and meetings.