In Small Partnerships of 10 or Fewer Partners,the Partnership Agreement

question 51

Multiple Choice

In small partnerships of 10 or fewer partners,the partnership agreement often requires unanimous partners' agreement for many actions,such as hiring employees and making large contracts.In small partnerships,this is an important requirement because:

• A)these actions have a greater impact on each partner.
• B)partners of a small partnership typically have more monetary assets at stake.
• C)it keeps control within the partnership.
• D)it ensures that a single partner will not try to exercise complete control.

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Definitions:

Performance

The act of carrying out or accomplishing an action, task, or function.

Productivity

The measure of efficiency in which products, services, or ideas are created or delivered, reflecting the output relative to input.

Contingency Approach

An organizational theory that emphasizes the need to choose the best leadership or management style based on the specific circumstances.

Path-Goal Model

A leadership theory that outlines how leaders can motivate their followers to achieve set goals by selecting specific behaviors best suited to the followers' needs and the work environment.