Which of the Following Is the Proper Definition of a Partnership

question 56

Multiple Choice

Which of the following is the proper definition of a partnership as set out in the Partnership Act?

• A) Partnership exists where two or more persons carry on business together with a view towards profits.
• B) A partnership exists where any business is carried on with a view towards profits.
• C) A partnership is created where a corporation with shareholders is registered with the federal government.
• D) A partnership is only created where the partners actually share the profits from a business.
• E) A partnership exists only where two or more people enter into a written agreement to be partners.

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Definitions:

Statutory Laws

Laws that are written and enacted by a legislative body, such as a parliament or congress, as opposed to common law or regulatory law.

Legislative Bodies

Institutions within the government responsible for making, amending, or repealing laws in a given country or jurisdiction.

Environmental Shifts

Significant changes in environmental conditions, such as climate, ecosystems, or biodiversity, often resulting from natural processes or human activities.

Biodiversity

The range of different life forms, including plants, animals, fungi, and microorganisms, as well as the ecosystems they inhabit.