A Partnership Agreement

question 37

Multiple Choice

A partnership agreement:

• A) in written form is highly mandatory.
• B) in written form is needed if it creates a partnership in excess of one year.
• C) can be modified only after the limited partners have consented to the modification, unless the agreement states otherwise.
• D) normally does not state the salary or drawing accounts.

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Definitions:

False Uniqueness Effect

The cognitive bias causing individuals to underestimate the commonality of their desirable traits or behaviors, believing they are more unique than they actually are.

Ethical Issues

Situations or problems requiring individuals or organizations to choose between actions that must be evaluated as right or wrong based on moral principles.

Unintended Negative Consequences

Outcomes that are not foreseen or intended and have a harmful or undesirable effect on individuals or communities.

Qualitative Research Methods

Research strategies that collect non-numerical data, such as interviews or observations, to understand concepts, thoughts, or experiences.