General Partnerships Are Legally Formed by Filing a Partnership Agreement

question 19

True/False

General partnerships are legally formed by filing a partnership agreement with the state in which the partnership will be formed.

---

Definitions:

Yield To Maturity

The total return anticipated on a bond if it is held until it matures, including both interest payments and the gain or loss on the principal, at the current market price.

Balance Sheet

A summary presenting the financial condition of an organization, showing the company's assets, debts, and owner's equity at a certain time.

Long-term Debt

Debt that is due to be paid back over a period greater than one year, used as a way for businesses to finance their operations or expand.

Debentures

A type of debt instrument that is not secured by physical assets or collateral but is backed by the general creditworthiness and reputation of the issuer.