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 states that a general partnership must have common ownership, shared profits and losses, and a right to participate in management. Option A is incorrect because a partnership does not require a board of directors, Option B is incorrect because it does not mention common ownership or participation in management, and Option D is incorrect because partnerships do not issue common stock and do not have limited liability.

According to the Uniform Partnership Act,the Three Key Elements of Any