Which of the Following Is the Most Convincing Evidence of a Partnership

question 53

Multiple Choice

Which of the following is the most convincing evidence of a partnership arrangement?

• A) Two or more persons are co-owners of property used in a business.
• B) Two or more persons have a written agreement regarding a fundraiser for charity.
• C) Two or more persons carry on a business for profit, but they have no formal agreement.
• D) Two person share a joint savings account in which they deposit money and share the interest.

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Definitions:

Repaid

Repaid pertains to the act of paying back money that was borrowed from an individual or institution.

Compound-Interest CSB

An interest calculation method, possibly referring to Canada Savings Bonds, where earned interest is added to the principal, and future interest calculations are based on the new total.

Redeemed

The act of repaying or buying back a security or loan, often before it matures.

Guaranteed Minimum

The lowest amount assured by a contract, regardless of external conditions or outcomes.