Asked by Cassandra Randall on May 17, 2024
Verified
The partnership agreement between partners must be in writing.
Partnership Agreement
A legal document that specifies the rights, responsibilities, and distribution of profits and losses among partners in a business partnership.
- Gain insight into the primary characteristics and elements of a partnership type of business, emphasizing on liability, existence term, and the accounting entity perspective.
Verified Answer
SM
Sharo MaldonadoMay 24, 2024
Final Answer :
False
Explanation :
A partnership agreement can be oral, written, or implied based on the actions of the partners, although a written agreement is recommended for clarity and to resolve disputes.
Learning Objectives
- Gain insight into the primary characteristics and elements of a partnership type of business, emphasizing on liability, existence term, and the accounting entity perspective.
Related questions
The Personal Assets Liabilities and Personal Transactions of Partners Are ...
Partnership Income or Loss Need Not Be Closed to Partners ...
The Document That Legally Establishes Domicile for a Corporation Is ...
A Limited Partnership Begins Its Existence ...
Sandra Starts a New LLLP for Her Gelato Business ...