Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 26

Which of the following best describes the articles of partnership agreement
A) The purpose of the partnership and partners' rights and responsibilities are required elements of the articles of partnership.
B) The articles of partnership are a legal covenant and must be expressed in writing to be valid.
C) The articles of partnership are an agreement that limits partners' liability to partnership assets.
D) The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership's operations.