Question

Which of the following are the three key elements of a general partnership according to the Uniform Partnership Act (UPA)?

(a) Common ownership interest in a business, sharing the business's profits and losses, and the right to participate in managing the operation of the partnership.
(b) Common ownership interest in a business, sharing the business's assets and liabilities, and the right to participate in managing the operation of the partnership.
(c) Common ownership interest in a business, sharing the business's debts and liabilities, and the right to participate in managing the operation of the partnership.
(d) Common ownership interest in a business, sharing the business's profits and losses, and the right to participate in the distribution of the partnership's assets upon dissolution.

Answer 1

The three key elements of a general partnership according to the Uniform Partnership Act (UPA) are common ownership interest, sharing of profits and losses, and the right to participate in managing the operation of the partnership.

Step-by-step explanation:

The three key elements of a general partnership according to the Uniform Partnership Act (UPA) are:

1. Common ownership interest in a business
2. Sharing the business's profits and losses
3. The right to participate in managing the operation of the partnership

A general partnership involves two or more people working together and sharing ownership, responsibilities, and profits of a business. It allows for joint decision-making and shared financial outcomes.