check your understanding: formation of a partnership\ntotal points: --/1\nattempts left: 3\nthe formation of…
check your understanding: formation of a partnership\ntotal points: --/1\nattempts left: 3\nthe formation of a partnership without a partnership agreement requires which of the following? choose 2 answers.\nthe intent to form a partnership\nsharing of management duties\nfive or more partners\nsharing of profits and losses
Answer
Brief Explanations:
To form a partnership without a written agreement, the intent to form a partnership is crucial as it shows the mutual - consent of the parties. Also, sharing of profits and losses is a key characteristic that defines a partnership. Sharing management duties is not a necessary condition for the formation of a basic partnership, and there is no requirement for five or more partners.
Answer:
The intent to form a partnership, Sharing of profits and losses