Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the main benefit of partnerships according to the text?
What is the main benefit of partnerships according to the text?
- Tailoring the governing law to the exact situation in the partnership (correct)
- Written contract requirement
- Easy registration process
- Public filing of accounts
What is the minimal effort required for formation and compliance of a partnership?
What is the minimal effort required for formation and compliance of a partnership?
- Drafting a personalised contract (correct)
- Filing public accounts
- Registering with the government
- Hiring legal advisors
What happens if there is no written contract in place for a partnership?
What happens if there is no written contract in place for a partnership?
- Partnership becomes void
- Partnership has to be registered
- Partnership is automatically dissolved
- The partnership act applies (correct)
Why is it advisable to have a written partnership agreement?
Why is it advisable to have a written partnership agreement?
Signup and view all the answers
What is the area of finances where partnerships can maintain confidentiality?
What is the area of finances where partnerships can maintain confidentiality?
Signup and view all the answers
What is the essential basis of a partnership?
What is the essential basis of a partnership?
Signup and view all the answers
What is not a requirement for the formation and compliance of a partnership?
What is not a requirement for the formation and compliance of a partnership?
Signup and view all the answers
In which situation does the partnership act apply?
In which situation does the partnership act apply?
Signup and view all the answers
