Question

To constitute a partnership agreement, it _____________.

• A. Must be in writing
• B. Can be oral or written
• C. Either oral or written
• D. Only oral

Answer 1

The correct option is B Can be oral or written

To constitute a partnership agreement, it can be oral or written. In absence of partnership agreement, partners share the profits and losses equally. Partnership Agreement can be defined as a contract between two or more business partners that is used to establish the responsibilities, and profit and loss distribution in a partnership firm.