Partnership Law and Accountability

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Questions and Answers

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?

  • 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?

  • 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?

<p>To avoid ambiguity (A)</p> Signup and view all the answers

What is the area of finances where partnerships can maintain confidentiality?

<p>Partnership generally do not have to file their accounts publicly (A)</p> Signup and view all the answers

What is the essential basis of a partnership?

<p>Law of contract (C)</p> Signup and view all the answers

What is not a requirement for the formation and compliance of a partnership?

<p>Public filing of accounts (D)</p> Signup and view all the answers

In which situation does the partnership act apply?

<p>When there is no written contract in place (D)</p> Signup and view all the answers

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