Asked by Mickle pickle on Mar 10, 2024
Verified
In small partnerships of 10 or fewer partners,the partnership agreement often requires unanimous partners' agreement for many actions,such as hiring employees and making large contracts.In small partnerships,this is an important requirement because:
A) these actions have a greater impact on each partner.
B) partners of a small partnership typically have more monetary assets at stake.
C) it keeps control within the partnership.
D) it ensures that a single partner will not try to exercise complete control.
Small Partnerships
Business arrangements involving a limited number of partners collaborating in a venture, typically characterized by less regulatory requirements and personal liability.
Unanimous Partners' Agreement
A legal agreement among all partners in a business, requiring complete agreement on any decision or action.
Large Contracts
Agreements, typically involving substantial financial values or significant responsibilities, used in major transactions or projects.
- Analyze how agreement among partners influences their obligations and the management of the partnership activities.
Verified Answer
Learning Objectives
- Analyze how agreement among partners influences their obligations and the management of the partnership activities.
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