If a partnership is formed without an agreement,the partnership is automatically subject to the:
A)Certification of Incorporation laws.
B)Uniform Partnership Act.
C)Limited Liability Company Act.
D)Revised Uniform Limited Partnership Act.

Question

Quizplus · Accepted Answer

When a partnership is formed without an agreement, it is subject to the default rules of the Uniform Partnership Act (UPA), which governs the formation, operation, and dissolution of general partnerships. The UPA provides a set of default rules regarding the rights and duties of partners, the sharing of profits and losses, and other important partnership issues.

If a Partnership Is Formed Without an Agreement,the Partnership Is