Asked by Siyali Singhaniya on May 29, 2024
Verified
No formalities are required in order to establish a partnership.
Formalities
Specific procedures, requirements or conditions that are mandated by law or established practice.
Partnership
A form of business organization; specifically, an association of two or more persons to carry on a business as co-owners for profit.
- Understand the formalities required to establish a partnership.
Verified Answer
SM
Shakirat MajekodunmiMay 30, 2024
Final Answer :
True
Explanation :
Formation of a partnership requires no formalities and may be formed by default.A partnership is created automatically when two or more persons own a business together without selecting another form.
Learning Objectives
- Understand the formalities required to establish a partnership.