Which of the following is true of general partnership?

Question

Quizplus · Accepted Answer

General partnerships can be oral or implied from the conduct of the parties, meaning that a formal written agreement is not necessary for the formation of a general partnership. Option A is incorrect because while making a profit is a common goal for businesses, it is not a requirement for forming a general partnership. Option B is incorrect because in a general partnership, the partners are co-owners of the business. Option D is incorrect because while charity organizations and schools may be formed as partnerships, they are typically formed as non-profit entities, not general partnerships.

Which of the Following Is True of General Partnership