Question: Choose the most correct answer,from A - E below. ( 5 ) A . Creation of a Partnership is purely a matter of agreement between
Choose the most correct answer,from AE below.
A Creation of a Partnership is purely a matter of agreement between the parties such an agreement must be in writing.
B Should the business fail, creditors must initially try to recover monies against the business's assets. Then, if any amount is left unpaid after the Partnership has been sequestrated and all assets sold, a creditor cannot claim against the personal assets of the individual partners.
C Anonymous sleeping Partnerships: the anonymous partner is well known to the public and is liable to the partners for the pro rata share.
DAlthough more funds can be raised by a partnership in comparison to sole proprietorship, these may not be sufficient for establishment of a large enterprise for which a limited liability company can be appropriate.
E A partnership does have a juristic personality separate from the partners.
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