The legislation with the most significant influence on the formation, operation and dissolution of partnerships is the:
A) Partnership Act.
B) Federal Partnership Act.
C) Common Partnership Program.
D) Partnership Formation, Operation and Liquidation Rules.

Question

Quizplus · Accepted Answer

The Partnership Act is the most significant legislation when it comes to the formation, operation, and dissolution of partnerships. This act governs the rights and responsibilities of partners, the process for forming a partnership, the management of the partnership, the distribution of profits and losses, and the process for dissolving the partnership. The act also provides default rules that apply in the absence of a partnership agreement, and as such, it has a significant impact on the operation of partnerships.

The Legislation with the Most Significant Influence on the Formation