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Which one of the following statements is correct with respect to the creation of a partnership?

Which one of the following statements is correct with respect to the creation of a partnership?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which one of the following statements is correct with respect to the creation of a partnership? O Where two people agree to enter into a partnership, there is no partnership created unless all of the elements of a contract are present. A partnership can be created only by contract. For a partnership to exist, the relationship giving rise to it must be of an ongoing business nature, not a one-time project. A partnership can be created by an intention to share the revenues between the partners. For a person to be a limited partner, there must be at least two general partners.
Transcribed Image Text:Which one of the following statements is correct with respect to the creation of a partnership? O Where two people agree to enter into a partnership, there is no partnership created unless all of the elements of a contract are present. A partnership can be created only by contract. For a partnership to exist, the relationship giving rise to it must be of an ongoing business nature, not a one-time project. A partnership can be created by an intention to share the revenues between the partners. For a person to be a limited partner, there must be at least two general partners.
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