Is André correct in his assertion that by sharing control of the business and splitting profits equally there could be no personal liability for debts?
A)Yes,because so long as they have nothing in writing,their arrangement will be considered a joint venture.
B)Yes,he is correct so long as they do not reach an agreement in writing.
C)No,he is incorrect.
D)Yes,so long as they sign no contracts by which they agree to be personally liable.
E)Yes,because they will be considered a partnership regardless of whether any agreement is in writing.

Question

Quizplus · Accepted Answer

A)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
B)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
C)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
D)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.
E)The major disadvantage of partnerships is that partners are personally liable for the firm's debts.

Is André Correct in His Assertion That by Sharing Control