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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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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.

Answered Same Day Dec 24, 2021

Solution

Robert answered on Dec 24 2021
109 Votes
David Tennant has prepared the following list of statements about partnerships.
Instructions
Identify each statement as true or false. If false, indicate how to co
ect the
statement.
1. A partnership is an association of three or more persons to ca
y 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 ca
y 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
e formed by even ve
al agreement.
3. A...
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