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  • Quiz 2

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    Jin Ian Vincent
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    A quiz covering key aspects of partnerships, including that partnerships require at least two owners, partners can contribute personal or intellectual work, and profits are typically shared as specified in the partnership agreement, which does not necessarily need to be in writing. Partners have mutual agency to bind the partnership through contracts within the scope of the partnership business. Professions can also be structured as partnerships.

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    Quiz2 (1) (1)

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    A quiz covering key aspects of partnerships, including that partnerships require at least two owners, partners can contribute personal or intellectual work, and profits are typically shared as specified in the partnership agreement, which does not necessarily need to be in writing. Partners have mutual agency to bind the partnership through contracts within the scope of the partnership business. Professions can also be structured as partnerships.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    4 views1 page

    Quiz 2

    Uploaded by

    Jin Ian Vincent
    A quiz covering key aspects of partnerships, including that partnerships require at least two owners, partners can contribute personal or intellectual work, and profits are typically shared as specified in the partnership agreement, which does not necessarily need to be in writing. Partners have mutual agency to bind the partnership through contracts within the scope of the partnership business. Professions can also be structured as partnerships.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Quiz # 2 (20 pts)

    T 1. Work or services that may either be personal manual efforts or intellectual may also
    be contributed to a partnership.

    T 2. A partnership must always have at least two owners.

    F 3. A proprietorship has a limited life whereas a partnership may have an unlimited life.

    T 4. A dormant partner one who does not take active part in the partnership business
    and is not known as a partner.

    T 5. Partners drawing accounts have normal credit balances.

    T 6. The manner in which profits are to be shared should be specified in the articles of
    partnership.

    F 7. A partnership should always be constituted in writing.

    T 8. Mutual agency means that each partner has the right to bind the partnership to
    contracts.

    T 9. As long as the action is within the scope of the partnership, any partner can bind
    the partnership.

    T 10. Two or more persons may form a partnership for the exercise of a profession.

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