Is Wally correct that with his proposal that they share control of the business and split profits equally there could be no personal liability for debts?
A) Yes, he is correct so long as they do not reach an agreement in writing.
B) Yes, because they will be considered a partnership regardless of whether any agreement is in writing.
C) Yes, because so long as they have nothing in writing, their arrangement will be considered a joint venture.
D) Yes, so long as they sign no contracts by which they agree to be personally liable.
E) No, he is incorrect.

Question

Quizplus · Accepted Answer

The major disadvantage of partnerships is that partners are personally liable for the firm's debts.

Is Wally Correct That with His Proposal That They Share