Will and Jay form Northwest Air Express,a general partnership.The essential elements of this partnership do not include
A)a sharing of profits and losses.
B)a joint ownership of the business.
C)an equal right to management in the business.
D)goodwill.

Question

Quizplus · Accepted Answer

Goodwill is not an essential element of a partnership. While it is a desirable aspect of any business, it is not necessary for a partnership to exist. The essential elements of a partnership include the sharing of profits and losses, joint ownership of the business, and equal right to management in the business.

Will and Jay Form Northwest Air Express,a General Partnership