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?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 7BCRQ
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F00036db5-9718-4ee7-bb7b-0bc01f7bb13c%2F0c8cb104-6440-47f9-89a9-04ac333c3862%2Fltf637i_processed.jpeg&w=3840&q=75)
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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