Which of the following statements is true of general partnership?

Question

Quizplus · Accepted Answer

A general partnership can be created without a formal written agreement and can be implied from the conduct of the parties involved. The other options are false as general partnerships do not need to make a profit to qualify, the general partners are co-owners of the business, and charity organizations and schools are typically formed as non-profit organizations, not general partnerships.

Which of the Following Statements Is True of General Partnership