Which of the Following Is True with Regard to Partnership

question 152

Multiple Choice

Which of the following is true with regard to partnership?

• A)The terms of the Partnership Act will be implied in a partnership agreement that includes provisions on the same point.
• B)Sharing gross receipts is sufficient evidence of the existence of a partnership.
• C)A general partner is not an agent of the firm and the other partners.
• D)No partnership can be formed unless the parties intended to create a partnership.
• E)A limited partnership is an arrangement in which a partner may limit liability to his capital contribution.

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Definitions:

Free Products

Products that are provided to consumers without monetary charge, often used as a business strategy to attract users or customers.

Firms

Businesses or enterprises that engage in commercial, industrial, or professional activities, whether for profit or not.

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A group of individuals living together in a more or less ordered community with shared laws, traditions, and values.

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Single human beings, as opposed to groups or organizations, considered as single entities.