How many people can make up a partnership?

Partnership Accounting

Quiz
•
Business
•
University
•
Medium

Antoinette Grant
Used 52+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2-22
2-20
2
2-12
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of partner is outlined below:
A partner with unlimited liability for all the business debts
Active/General
Sleeping
Limited
Named
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of partner is outlined below:
A partner not involved in the day-to-day running of the business
Active/General
Limited
Liability
Sleeping
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of control each parter has is determined formally through a legal document known as a....
Partnership Staus
Partnership Agreement
Partnership Legality
Partnership Creed
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an element of a Partnership Agreement?
Rights and duties of each partner
Division of profit and losses
Salaries (if any) to be paid to partners
Partner debit card PIN codes in case of emergency
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if there is no partnership agreement in writing?
The partnership cannot legally exist
The partner who invested the most equity automatically has the deciding vote
The government will provide 30 days notice to create a partnership agreement
The Partnership Act 1890 will automatically apply
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an advantage of forming a partnership?
Sharing of management and control
Opportunities for specialisation
More finance than a sole trader, and greater borrowing power
Higher chance of arguments
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