Which of the Following Is Correct with Respect to the Law

question 116

Multiple Choice

Which of the following is correct with respect to the law of partnership?

• A) Partnership is generally a less costly method of carrying on business than incorporation.
• B) All partners have a right to an equal say in the management of the partnership and this cannot be changed by agreement.
• C) Any major change in the partnership must be made by unanimous agreement, and this cannot be changed by partnership agreement.
• D) All partnerships must be registered.
• E) The partnership relationship is governed by legislation that states that profits and losses are to be shared equally, and this cannot be modified by agreement.

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Definitions:

Education Importance

The significance attributed to acquiring knowledge and learning skills, seen as key to individual development, social progress, and economic growth.

Leisure Time

Free time that an individual can spend away from work, chores, and other obligations, often engaging in recreational activities.

Ascribed Status

A social position assigned at birth or involuntarily later in life, not based on achievements or abilities.

Individual's Control

The power or influence a person has over their own decisions and actions in various aspects of life, including personal, social, and professional domains.