Which of the following statements is NOT true regarding a general partnership?
A) It is an association of two or more persons to carry on a business for profit.
B) Loss sharing is a necessary condition of general partnership.
C) An oral agreement to share profits may be enough to create a general partnership even though the financial contributions are unequal.
D) Some partnerships are governed by a partnership agreement and it can be either a written agreement or an oral agreement.
Correct Answer:
Verified
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