A partnership may or may not have a partnership agreement as long as the tests of partnership are met.

Name: A partnership may or may not have a partnership agreement as long as the tests of partnership are met.
Brand: Quizplus
Rating: 4.7 (53 reviews)

Question

Quizplus · Accepted Answer

A partnership can exist without a formal agreement as long as the essential elements of a partnership, such as sharing of profits and losses, mutual agency, and co-ownership of the business, are present.

A Partnership May or May Not Have a Partnership Agreement