An Essential Element of a Partnership Is That

question 1

Multiple Choice

An essential element of a partnership is that:

• A)it is a business carried out in common with a view to profit.
• B)it is registered with the appropriate state and federal departments.
• C)it is a business carried out as an association.
• D)the partners have equal number of shares in the business.

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Definitions:

Specific Duties

Obligations or tasks that are clearly defined or particularized for an individual or role in a work or legal context.

Formal Rule Making

A type of rule making that is used when legislation requires a formal hearing process with a complete transcript; consists of publication of the proposed rule in the Federal Register, a public hearing, publication of formal findings, and publication of the final rule if adopted.

Federal Register

The government publication in which an agency publishes each proposed rule, along with an explanation of the legal authority for issuing the rule and a description of how the public can participate in the rule-making process, and later publishes the final rule.

Notice Of Proposed Rule Making

A formal announcement by a government agency that it plans to introduce, change, or delete regulations or policies, inviting public comment.