Which of the Following Is the Proper Definition of a Partnership

question 108

Multiple Choice

Which of the following is the proper definition of a partnership as set out in the Partnership Act?

• A)Partnership exists where two or more persons carry on business in common with a view to profit.
• B)A partnership exists only where two or more people enter into a written agreement to be partners.
• C)A partnership is created where a corporation with shareholders is registered with the federal government.
• D)A partnership is only created where the partners actually share the profits from a business.
• E)A partnership exists where any business is carried on with a view toward profits.

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Definitions:

Partnership Dispute

Conflicts that arise between partners in a business regarding issues like operations, profitability, or management.

Legal Issues

Disputes or points of concern that require interpretation and resolutions within the framework of the law.

Custody Dispute

A legal conflict regarding the guardianship of a child between parties, typically following a separation or divorce.

Mediation

A voluntary and confidential process in which a neutral third party helps disputing parties reach a mutually satisfactory settlement.