Partnership agreements:
A)result in equal distribution of profits and assets for all partners
B)specify how assets will be distributed if the partnership is dissolved.
C)can be costly and have limited value
D)limit liability for all partners.

Question

Quizplus · Accepted Answer

Partnership agreements are legal documents that outline the rights, responsibilities, and obligations of each partner. They also specify how assets will be distributed in the event of a dissolution or termination of the partnership. This makes option B the correct answer. Options A, C, and D are incorrect because they are either incomplete or incorrect.

Partnership Agreements