Which of the following is correct with respect to the law of partnership?
A) All partnerships must be registered.
B) Partnership is generally a less costly method of carrying on business than incorporation.
C) All partners have a right to an equal say in the management of the partnership and this cannot be changed by agreement.
D) The partnership relationship is governed by legislation that states that profits and losses are to be shared equally, and this cannot be modified by agreement.
E) Any major change in the partnership must be made by unanimous agreement, and this cannot be changed by partnership agreement.

Question

Quizplus · Accepted Answer

Partnerships are generally less costly to establish and maintain than corporations, as they do not require the same level of formalities and fees associated with incorporation.

Which of the Following Is Correct with Respect to the Law