To Make Certain That Each Partner Fully Understands How a Particular

question 1

Multiple Choice

To make certain that each partner fully understands how a particular partnership will operate in the future,partners should draw up the:

• A) articles of liability
• B) written partnership agreement
• C) articles of incorporation
• D) articles of partnership

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Definitions:

Primarily Liable

Refers to the primary obligation or responsibility for fulfilling a debt or obligation, typically before any secondary or tertiary parties.

Accepts Check

The process of agreeing to take a check as a method of payment.

Party Status

The recognition of being a participant or member in a legal action or in a contractual or political relationship.

General Rule

A principle or guideline that applies broadly and is considered to be of general acceptance or application.