In Order to Avoid Later Disputes It Is Desirable That

question 40

Multiple Choice

In order to avoid later disputes it is desirable that a partnership agreement:

• A) is in writing.
• B) should have the partners sharing profits and losses equally.
• C) should set up the partnership as a separate legal entity.
• D) should set out in detail how the how all likely transactions are to be recorded.

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Definitions:

Current Account Deficit

A situation where a country's total imports of goods, services, and transfers exceed its total exports, indicating that it is spending more on foreign trade than it is earning.

Doubled

Increased by 100%, or made twice as large in amount or number.

Tripled

Increased or expanded to three times the original size or amount.

Canadian

Pertaining to Canada or its people, culture, or characteristics.