Which of the Following Is True with Regard to Partnership

question 152

Multiple Choice

Which of the following is true with regard to partnership?

• A)The terms of the Partnership Act will be implied in a partnership agreement that includes provisions on the same point.
• B)Sharing gross receipts is sufficient evidence of the existence of a partnership.
• C)A general partner is not an agent of the firm and the other partners.
• D)No partnership can be formed unless the parties intended to create a partnership.
• E)A limited partnership is an arrangement in which a partner may limit liability to his capital contribution.

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Definitions:

Local Subsidiaries

Companies that operate within a specific country or region under the ownership or control of a larger parent company, often tailoring operations to local market conditions.

Globally Standardized Products

Products that are manufactured in a uniform manner and are the same in all markets around the world to achieve economies of scale and branding consistency.

Global Integration

The process of designing and implementing strategies to operate efficiently and effectively across geographical borders and cultural differences.

Corporate Culture

The shared values, beliefs, ethics, and practices that characterize an organization and guide its employees.