Partnerships can be formed without any formalities,and the presence of the required elements of a partnership can be based on the conduct of those in the business.

Question

Quizplus · Accepted Answer

Partnerships can indeed be formed without any formalities, and the essential elements of a partnership (such as sharing of profits and losses) can be demonstrated through the conduct of the partners involved. However, it's generally advisable to have a written partnership agreement in place to avoid misunderstandings and disputes down the line.

Partnerships Can Be Formed Without Any Formalities,and the Presence of the Required