Which of the following is true with regard to partnership?
A) No partnership can be formed unless the parties intended to create a partnership.
B) Sharing gross receipts is sufficient evidence of the existence of a partnership.
C) The terms of the Partnership Act will be implied in a partnership agreement that includes provisions on the same point.
D) A general partner is not an agent of the firm and the other partners.
E) A limited partnership is an arrangement in which a partner may limit liability to his capital contribution.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is true with regard to partnership?
A) No partnership can be formed unless the parties intended to create a partnership.
B) Sharing gross receipts is sufficient evidence of the existence of a partnership.
C) The terms of the Partnership Act will be implied in a partnership agreement that includes provisions on the same point.
D) A general partner is not an agent of the firm and the other partners.
E) A limited partnership is an arrangement in which a partner may limit liability to his capital contribution.

Which of the Following Is True with Regard to Partnership