NASCLA Commercial Building Exam 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 415

A partnership exists as long as:

At least one partner is present

Partners agree it will, and as long as they stay partners

A partnership exists primarily based on the mutual agreement among its partners to operate together in business. This means that as long as the partners have a shared understanding and agreement regarding their roles, responsibilities, and objectives, the partnership remains valid. The partnership can be formalized through written agreements; however, the essence of the partnership is the continuing consent of the partners to work collaboratively.

Factors such as having at least two partners or being registered with the government might be relevant from a legal standpoint or for operational purposes, but they do not define the existence of a partnership. The crucial element lies in the agreement and the intent of the partners to function as a unified entity in the business.

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It is registered with the government

It has at least two partners

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