Which of the following is the proper definition of a partnership as set out in the Partnership Act?
A)Partnership exists where two or more persons carry on business in common with a view to profit.
B)A partnership exists only where two or more people enter into a written agreement to be partners.
C)A partnership is created where a corporation with shareholders is registered with the federal government.
D)A partnership is only created where the partners actually share the profits from a business.
E)A partnership exists where any business is carried on with a view toward profits.

Question

Quizplus · Accepted Answer

The Partnership Act defines a partnership as a relationship between two or more persons who are carrying on a business in common with a view to profit. This definition does not require a written agreement, registration with the government, or sharing of profits.

Which of the Following Is the Proper Definition of a Partnership