A Partnership Agreement

question 92

Multiple Choice

A partnership agreement:

• A) Is not binding unless it is in writing.
• B) Is the same as a limited liability partnership.
• C) Is binding even if it is not in writing.
• D) Does not generally address the issue of the rights and duties of the partners.
• E) Is also called the articles of incorporation.

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Definitions:

Prison Guard

A security officer who works in a prison and is responsible for the supervision, safety, and security of prisoners.

Parole Officer

A law enforcement agent who supervises offenders who have been released from prison on parole, ensuring they comply with parole conditions.

Wealth

An abundance of valuable material possessions or resources; the total of all assets owned by an individual or organization minus liabilities.

Saving

The act of preserving financial resources for future use, often through mechanisms like bank accounts, investments, or pension plans.