Choose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
Choose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 3BD
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Choose the correct. Which of the following best describes the articles of
a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.
b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.
c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.
d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
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