Which of the following statements is INCORRECT? Select one: a. A partnership agreement must be in writing. It cannot be reached orally or by a course of conduct. b. The Partnership Act determines partners’ rights, duties and interests, if not included in the partnership agreement. c. The rights and obligations of partners to each other arise from the partnership agreement, the statute, and the equitable concept of the fiduciary. d. If an agreement provides that a person should be paid a percentage of the profits made by their firm, they may be a partner and jointly liable to creditors of the firm.

Which one of the following statements is true about a partnership?a.A partnership is regarded as a separate taxpayer.b.A partnership has its own estate separate from its partners and their personal assets.c.The partners are jointly and severally liable for all claims made against the partnership.d.The continued existence of a partnership is not dependent on the legal capacity of the partners.

Which of the following is INCORRECT? Select one: a. Partners must render true accounts and full information. b. Once the partners agree to dissolve the partnership (that is, bring the partnership to an end), the partner’s fiduciary obligations also cease at that point. c. Partners must not make secret profits and they have a duty to account for benefits received in connection with the partnership. d. Partners have a fiduciary and a statutory duty not to compete with the partnership.

Which of the following statement is correct?Statement 1: Partnership requires agreement.Statement 2: Joint Venture may not necessarily have an agreement.

Which of the following is correct regarding the partnership agreement?Multiple choice question.A written partnership agreement is not required to form a partnership.No partnership agreement of any kind is required to form a partnership.An official partnership agreement is required to form a partnership.A written partnership agreement is required to form a partnership.

Rebecca and Simon run a restaurant in partnership. There is no written partnership agreement guiding their activities. Which amongst the following statements is CORRECT? Select one: a. The Partnership Act 1958 (Vic)'s provisions are not applicable to Rebecca and Simon since there is no written partnership agreement between them. b. The Partnership Act 1958 (Vic)'s provisions will apply to govern the relationship in relation to matters that have not been agreed orally between Rebecca and Simon. c. The Partnership Act 1958 (Vic)'s provisions will only apply when the parties agree to be covered by that Act in writing or orally. d. The Partnership Act 1958 (Vic)'s provisions relating to the rights and obligations of the partners towards each other take priority over anything agreed orally between Rebecca and Simon.