Which one of the following is not an item that should be documented in the partnership (or LLC operating) agreement?
A) Allocations of cash flows.
B) Allocations of profits and losses.
C) Liquidating distributions.
D) Partners' rights in managing the partnership.
E) All of the above should be documented.

Question

Quizplus · Accepted Answer

All of the items listed should be documented in the partnership or LLC operating agreement. This agreement outlines the structure and management of the business, as well as the rights and responsibilities of each partner. It is important to have clear documentation on financial matters such as cash flow allocations, profit and loss allocations, and liquidating distributions. Additionally, the document should clearly outline the partners' rights in managing the partnership to avoid any misunderstandings or conflicts in the future.

Which One of the Following Is Not an Item That