Which one of the following statements is correct with respect to the creation of a partnership?
Which one of the following statements is correct with respect to the creation of a partnership?
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 7BCRQ
Related questions
Question
100%
Please Solve In 20mins
Transcribed Image Text:Which one of the following statements is correct with respect to the creation of a
partnership?
O Where two people agree to enter into a partnership, there is no partnership
created unless all of the elements of a contract are present.
A partnership can be created only by contract.
For a partnership to exist, the relationship giving rise to it must be of an ongoing
business nature, not a one-time project.
A partnership can be created by an intention to share the revenues between the
partners.
For a person to be a limited partner, there must be at least two general partners.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College