Which of the following statements describe partnerships? Please select all that apply.
A) Two or more individuals managing a business together.
B) Joint and several liability for partnership debts.
C) Legal formalities are required before trading in a partnership can commence.
D) Sharing of both profits and losses from partnership operations.

Question

Quizplus · Accepted Answer

Partnerships involve two or more individuals managing a business together, sharing profits and losses, and having joint and several liability for debts. Legal formalities are not necessarily required to start trading.

Which of the Following Statements Describe Partnerships? Please Select All