Multiple choice

The essential elements of a partnership _________.

  1. must co - exist before a partnership can come into existence

  2. may be brought in within a reasonable time of a partnership coming into existence

  3. may be brought in any time either during the creation of partnership or even thereafter before a partnership can come into existence, but they must coexist within one year of a partnership coming into existence

  4. none of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A partnership requires mutual agency, shared profits, and agreement to conduct business - all essential elements must co-exist from the moment the partnership is formed. They cannot be brought in later; the partnership is not valid until all elements are present simultaneously.

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