Which one of the following is not an item that should be documented in the partnership (or LLC operating) agreement?
A) Allocations of cash flows.
B) Allocations of profits and losses.
C) Liquidating distributions.
D) Partners' rights in managing the partnership.
E) All of these.

Question

Quizplus · Accepted Answer

All of the options listed (allocations of cash flows, allocations of profits and losses, liquidating distributions, and partners' rights in managing the partnership) are important items that should be documented in a partnership or LLC operating agreement. Therefore, none of the choices provided is an exception to what should be included in such agreements.

Which One of the Following Is Not an Item That