Which of the following is true about the content of a standard partnership agreement?
A)It does not specify how profits and losses will be distributed.
B)It includes the Certificate of Incorporation.
C)It specifies how the partnership may be dissolved and assets divided.
D)While it specifies the location of the business and its purpose,it does not name the partners or their legal addresses in order to maintain privacy for the partners.

Question

Quizplus · Accepted Answer

A standard partnership agreement usually includes provisions about how the partnership may be dissolved and how assets will be divided among the partners in the event of dissolution. Options A, B, and D are incorrect. Option A is incorrect because a standard partnership agreement does specify how profits and losses will be distributed. Option B is incorrect because the Certificate of Incorporation is a document that is only relevant for corporations, not partnerships. Option D is incorrect because a standard partnership agreement typically identifies the partners and their addresses.

Which of the Following Is True About the Content of a Standard