Asked by Preet Sangha on Apr 30, 2024
Verified
The essential elements of a partnership do not include
A) a sharing of profits and losses.
B) a joint ownership of the business.
C) an equal right in the management of the business.
D) an intent to act in good faith.
Equal Right
The principle that all individuals should have the same rights and opportunities under the law.
Intent
The state of mind with which an act is done, signifying purpose or intention.
Joint Ownership
A form of property ownership in which two or more parties share ownership rights simultaneously.
- Identify the essential elements and characteristics of a partnership.
Verified Answer
ZK
Zybrea KnightMay 06, 2024
Final Answer :
D
Explanation :
The essential elements of a partnership typically include a sharing of profits and losses, joint ownership of the business, and an equal right in the management of the business. An intent to act in good faith is a general legal principle applicable to all contracts and business dealings but is not specifically listed as an essential element of a partnership.
Learning Objectives
- Identify the essential elements and characteristics of a partnership.