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What is a key characteristic of a partnership?

Practice Questions

Q1
What is a key characteristic of a partnership?
  1. It is a separate legal entity.
  2. It requires a formal registration process.
  3. It involves shared decision-making.
  4. It limits the number of partners to three.

Questions & Step-by-Step Solutions

What is a key characteristic of a partnership?
  • Step 1: Understand what a partnership is. A partnership is a business arrangement where two or more people work together.
  • Step 2: Identify how decisions are made in a partnership. In a partnership, all partners have a say in the decisions.
  • Step 3: Recognize that shared decision-making means that partners discuss and agree on important choices together.
  • Step 4: Conclude that this shared decision-making is a key characteristic of a partnership.
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