Marilyn, George, and Christine pool their money to buy land to operate a vegetable farm from which they plan to sell the produce and share the profits or losses.Are they partners?
A) Yes, since they are associating to carry on a for-profit business which they co-own.
B) No, because they each control the use of the land.
C) Yes, because if there is a loss in the land's value, they will all share that loss.
D) No, they are merely joint venturers.
Correct Answer:
Verified
Q36: Which of the following is NOT an
Q39: Co-ownership of the means or instrumentality of
Q42: The RUPA treats a partnership as a
Q53: The law establishes a test for determining
Q54: Which of the following is correct with
Q56: To be partnership property, title to real
Q57: Which of the following is the most
Q60: Under the UPA, a partner's ownership interest
Q62: Anita is hired to manage an unincorporated
Q67: In choosing the form in which to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents