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Questions and Answers
It is possible for a partner to contribute industry alone to a partnership according to the law.
True
Partners in a contract of partnership must always contribute money, property, or industry to a common fund.
True
A partnership can be formed without any contributions from the partners.
False
Partnership agreements must always be established for the common benefit or interest of the partners.
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Contributing immovable property or real rights to a partnership does not require any specific documentation according to the law.
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Partners can specify in their agreement what each partner should contribute to the partnership.
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Partnerships can start without an oral or written contract.
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Limited partners can actively manage and exercise control over the business operations.
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A general partner in a partnership has limited legal liability.
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A partnership agreement is another term for a joint venture between two parties.
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Partnerships must file and pay taxes as a separate legal entity.
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Contributing immovable property to a partnership must be documented in a public instrument.
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