David Tennant has prepared the following list of statements about partnerships. Identify each...

Question

David Tennant has prepared the following list of statements about partnerships. Identify each statement as true or false. If false, indicate how to correct the statement.

Robert · Accepted Answer

David Tennant has prepared the following list of statements about partnerships. 
Instructions 
Identify each statement as true or false. If false, indicate how to correct the 
statement. 
1. A partnership is an association of three or more persons to carry on as co-
owners of a business for profit. 
 False. This statement is false as the partnership is an association of two or more 
persons to carry on business for sharing the profits and losses. 
2. The legal requirements for forming a partnership can be quite burdensome. 
False. This statement is false as the partnership is easy to form. It can also 
be formed by even verbal agreement. 
3.

David Tennant has prepared the following list of statements about partnerships. Identify each statement as true or false. If false, indicate how to correct the statement.

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