According to the Uniform Partnership Act, the three key elements of any general partnership are:
A) a board of directors, a written partnership agreement, and a well-defined product or service.
B) two owners, an adequate financial base, and a written statement describing the manner in which profits and losses will be divided.
C) common ownership, shared profits and losses, and right to participate in management.
D) common stock, a board of directors, and a statement of limited liability.

Question

Quizplus · Accepted Answer

The Uniform Partnership Act defines a general partnership as an association of two or more persons who carry on as co-owners of a business for profit. The three key elements of a general partnership are common ownership (i.e., co-ownership), shared profits and losses, and the right to participate in management. A written partnership agreement is not required by law, but is strongly recommended to ensure clarity and prevent disputes. The other options mentioned in the answer choices, such as a board of directors, limited liability, or a well-defined product or service, are not necessary elements of a general partnership.

According to the Uniform Partnership Act, the Three Key Elements