Which of the following statements best describes the partnership as a form of business ownership?
A) Disagreements between partners are rare.
B) Termination of the partnership is simple.
C) Formation of the partnership is simple.
D) Liability for the partners is limited.

Question

Quizplus · Accepted Answer

Formation of a partnership is relatively simple as it does not require any formal legal documentation, though it is recommended to have a written partnership agreement. However, disagreements between partners can be common, termination of partnership can have legal complications, and liability for partners is unlimited.

Which of the Following Statements Best Describes the Partnership as a Form