Which of the following statements about the form of a general partnership agreement is true?
A. It must be in writing if the partnership is to last for longer than 1 year.
B. It must be in writing if partnership profits would not be equally divided.
C. It must be in writing if any partner contributes more than $500 in capital.
D. It could not be oral if the partnership would deal in real estate.
Answer: A. It must be in writing if the partnership is to last for longer than 1 year.
Business
You might also like to view...
Property Exclusion to Capital Gains: selling property in the ordinary course of business: does NOT apply to capital gains because it's _________________
Fill in the blank(s) with the appropriate word(s).
Business
Cash is a(n) ________ account and has a normal ________ balance
A) asset; debit B) liability; credit C) liability; debit D) asset; credit
Business