Which of the Following Is True Under the Uniform Partnership

question 65

Multiple Choice

Which of the following is true under the Uniform Partnership Act,regarding profit and partnerships?

• A) There is no requirement that a partnership be formed with a profit-making motive, and all states recognize the status of non-profit partnerships.
• B) A partnership must have a profit-making motive only if the partnership has five or more members.
• C) There is a requirement that a partnership have a profit-making motive only if the partnership has been in existence for over one year.
• D) The partners must operate the business for a profit, and the partnership must be dissolved if no profit is made for three consecutive years.
• E) The partners must operate the business for a profit which is construed to mean that the partners must intend to make some kind of profit from the business.

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Definitions:

Naysayer

A person who opposes or expresses doubts about something.

Yea-sayer

A person who tends to agree with or say 'yes' to everything, often without critical consideration.

Correct Rejections

In signal detection theory, instances where a non-signal is correctly identified as not being present.

False Alarms

Instances in signal detection theory where a signal is perceived to be present when it is not, leading to incorrect or mistaken responses.