Which one of the following statements is correct with respect to the creation of a partnership agreement?
A)A partnership can be created by an intention to share the revenues between the partners.
B)For a partnership to exist,the relationship giving rise to it must be of an ongoing business nature,not a one-time promotion.
C)For a person to be a limited partner,there must be at least two general partners.
D)A partnership can be created only by contract.
E)Where two people agree to enter into a partnership,there is no partnership created unless all elements of a contract are present.

Question

Quizplus · Accepted Answer

Partnerships are typically formed with the intention of carrying on a business in common with a view to profit, which implies an ongoing, not a one-time, business relationship. This distinguishes partnerships from temporary or single-project joint ventures.

Which One of the Following Statements Is Correct with Respect