A partnership agreement:
A) Is not binding unless it is in writing.
B) Is the same as a limited liability partnership.
C) Is binding even if it is not in writing.
D) Does not generally address the issue of the rights and duties of the partners.
E) Is also called the articles of incorporation.

Question

Quizplus · Accepted Answer

A partnership agreement is a legal document that outlines the rights, duties, and responsibilities of each partner in a partnership. While it is always recommended that a partnership agreement be in writing, it is not required by law. However, even if the agreement is not in writing, it is still considered legally binding. Therefore, choice C is the best answer. Choices A, B, D, and E are incorrect.

A Partnership Agreement