According to the Uniform Partnership Act, the three key elements of any general partnership are
A) a board of directors, a written partnership agreement, and a well-defined product or service.
B) two owners, an adequate financial base, and a written statement describing the manner in which profits and losses will be divided.
C) common ownership, shared profits and losses, and right to participate in managing the operations.
D) common stock, a board of directors, and a statement of limited liability.

Question

Quizplus · Accepted Answer

The Uniform Partnership Act states that a general partnership must have common ownership, shared profits and losses, and the right for each partner to participate in managing the operations. The other options listed do not accurately reflect the requirements of a general partnership under the Uniform Partnership Act.

According to the Uniform Partnership Act, the Three Key Elements