Asked by Evans Aidoo on May 23, 2024
Verified
A general partnership is formed without any formality and no documents need be filed with the state.
General Partnership
A business arrangement where two or more individuals share ownership, as well as the profits, liabilities, and management duties.
Formality
Specific procedures or ceremonial acts required by tradition, law, or other authority to validate acts, documents, or agreements.
- Comprehend the formation and characteristics of general partnerships, including the lack of formalities in their establishment.
Verified Answer
KM
kristian martinezMay 28, 2024
Final Answer :
True
Explanation :
A general partnership is formed automatically when two or more persons engage in a business for profit without any formal agreement or filing requirements with the state.
Learning Objectives
- Comprehend the formation and characteristics of general partnerships, including the lack of formalities in their establishment.