Which of the following are essential elements to determine whether a partnership exists? (select all that apply) a. An equal contribution of start-up capital b. A joint ownership of the business c. An equal right to be involve in the management of the business d. A sharing of profits or losses

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Business

Sammy Tyler

3 May, 06:40

Which of the following are essential elements to determine whether a partnership exists? (select all that apply) a. An equal contribution of start-up capital b. A joint ownership of the business c. An equal right to be involve in the management of the business d. A sharing of profits or losses

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Answers (1)

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Skylar Lopez · Answer 1

All that applies to be in existence of a partnerships are:

Sharing of profits or loses joint ownership of the business equal right to be involved in the management of the business.

Option B, C and D.

Explanation:

Partnerships is an agreeable association of any 2 members or more than two members to pursue any business co-relatively together, as a profit business. Therefore, the essentials of a partnerships are most importantly joint ownership of the business as the business of profit must be jointly held by the partners.

Other essentials include the equal right to be involved in the management and enjoying the shares of the profits as well as suffering the share of the losses in the business co - owned.