Question

The essential elements of a partnership __________________.

• A. must co-exist before a partnership can come into existence
• B. may be brought in within a reasonable time of a partnership coming into existence
• C. 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
• D. none of the above

Answer 1

The correct option is A must co-exist before a partnership can come into existence

Generally when a business is set up all rules and regulations are stated before starting the working.

Hence, the essential elements of partnership like name, address, number of partners and various inforrmation regarding partnership must be presented before the inaugration of partnerrship firm.