Partnership: Nature, Formation, and Operation BUSINESS LAW II CHAPTER 36 1. A "an association of two or more persons to carry on as co-owners a business for 2. By "association," the Uniform Partnership Act means that the partnership is a and relationship 3. (True False) If a party receives a share of profits for payment of a debt, there is no partnership 4. In some respects, a partnership is treated as a a "person" separate from the partnership with a life of its own. 5. (True False) An explicit written agreement is required to create a partnership. 6. (True False) A partner who derives benefit from the partnership without the consent of the other partners must notify them of this benefit. 7. (True False) Each partner has a right to the interest of the partner's share of the profits and a return on capital contributed by the partner. If a partner dies, the interest earned by the deceased partner is given back to the partnership 8. An is a review and listing of all partnership assets and/or profit and typically lists the distribution of assets and profit to the partners. 9. (True False) As a general rule, all partners are liable for a tort or breach of trust committed by single partner. 10. (True False) As a general rule, each partner has the right to share in the management of the partnership