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:

Concrete Descriptions

Detailed and specific account of objects, events, or situations, often allowing for more tangible understanding and communication.

Abstract Descriptions

Expressions or explanations that do not refer to concrete objects or specific examples but instead to ideas or concepts.

Mental Process

Refers to the internal, covert activities of our minds, such as thinking, feeling, and remembering.

Unwanted Thought

Intrusive and often distressing ideas or mental images that an individual struggles to control or eliminate.