Which of the Following Statements Is True of Formation of General

question 20

Multiple Choice

Which of the following statements is true of formation of general partnerships?

• A)It is safer to get everything in writing and to seek expert legal assistance when drawing up an agreement than verbally agreeing.
• B)It is legally not possible to start a partnership on the basis of a verbal agreement.
• C)There is a limit on the number of partners who can participate in a general partnership.
• D)A general partnership is formed when partners enter into an involuntary partnership agreement.

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Definitions:

Perceived Opportunities

Opportunities that individuals or organizations believe exist and can be capitalized on, even if they have not been quantitatively proven.

Perseverance

The continued effort to do or achieve something despite difficulties, failures, or opposition.

Long-term Goals

Objectives set with an extended timeframe in mind, usually exceeding one year, to achieve significant accomplishments.

Deliberate Practice

Carrying out carefully focused efforts to improve current performance.