David, Shannon, and Greg are starting a new accounting firm together, and they are drafting articles of partnership. All of the following are items they should include EXCEPT

Question

Quizplus · Accepted Answer

Articles of partnership usually include the name, purpose, and location of the business; the duration of the agreement; the authority and responsibility of each partner; the character of the partners (i.e., general or limited, active or silent); the amount of contribution from each partner; the division of profits or losses; salaries of each partner; how much each partner is allowed to withdraw; death of partner; sale of partnership interest; arbitration of disputes; required and prohibited actions; absence and disability; restrictive covenants; and buying and selling agreements.

David, Shannon, and Greg Are Starting a New Accounting Firm