Luke and Maya Form Northeast Air Express, a General Partnership

question 30

Multiple Choice

Luke and Maya form Northeast Air Express, a general partnership. The essential elements of this partnership do not include

• A) ​a sharing of profits and losses.
• B) ​a joint ownership of the business.
• C) ​an equal right to management in the business.
• D) ​goodwill.

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Definitions:

Cash

Money in the form of coins or notes that is used to conduct transactions, pay debts, or serve as a medium of exchange.