Which of the following statements is true under the Uniform Partnership Act, regarding profit and partnerships?
A) There is no requirement that a partnership be formed with a profit-making motive, and all states recognize the status of non-profit partnerships.
B) A partnership must have a profit-making motive only if the partnership has five or more members.
C) There is a requirement that a partnership have a profit-making motive only if the partnership has been in existence for over one year.
D) The partners must operate the business for a profit, and the partnership must be dissolved if no profit is made for three consecutive years.
E) The partners must operate the business for a profit, which is construed to mean that the partners must intend to make some kind of profit from the business.

Question

Quizplus · Accepted Answer

Under the Uniform Partnership Act, a partnership is defined as an association of two or more persons to carry on as co-owners a business for profit. This implies that there must be an intention to make a profit from the business activities, distinguishing partnerships from non-profit organizations or casual associations not aimed at making a profit.

Which of the Following Statements Is True Under the Uniform