Asked by
Francisco Jimenez
on Nov 10, 2024
Verified
Which of the following will establish the existence of a partnership?
A) A debt is repaid by the creditor taking a share of the profits.
B) An employee receives a profit-sharing bonus.
C) The good-will portion of the sale of a business is repaid by a share of the profits.
D) The parties intend to share the expenses of the business.
E) The beneficiary of a deceased partner takes that partner's share of the income from the partnership.
Profit-Sharing
A company program that gives employees a share in the profits of the company, often based on the company's earnings over a specific period.
Good-Will
The intangible asset representing the value of a business's reputation, customer relationships, and overall standing in the community.
Expenses
Costs incurred in the undertaking of a business or the execution of a task.
- Learn about the legal benchmarks for verifying the existence of a partnership.
Verified Answer
VF
Learning Objectives
- Learn about the legal benchmarks for verifying the existence of a partnership.