Which of the following statements concerning partnership agreements is true?
A) The partnership agreement must be in writing.
B) The contractual authority of each partner should be specified.
C) Partner's must always contribute equal amounts of capital.
D) It is not necessary to specify the duration of the partnership.

Question

Quizplus · Accepted Answer

It is not required by law for partnership agreements to be in writing, although it is highly recommended for the protection of all parties involved. The contractual authority of each partner should be specified in order to avoid any confusion or disputes over decision-making power. Partners are not required to contribute equal amounts of capital and the duration of the partnership should be specified in the agreement.

Which of the Following Statements Concerning Partnership Agreements Is True