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

Question

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

Which One of the Following Statements Is Correct with Respect