QUESTION 2

With regard to partnerships, which of the following is NOT true?

	a.	One of the criteria of partnerships is that partners share profits and management.
	b.	The minimum number of partners required is three.
	c.	Partnerships are formed to carry on a business.
	d.	Partnerships have a profit motive.

3 points

QUESTION 3

Regarding the UPA, which of the following is NOT true?

	a.	The UPA is a federal partnership law.
	b.	UPA stands for Uniform Partnership Act.
	c.	The UPA is a codification of state partnership law.
	d.	The UPA generally covers formation, operation, and dissolution of partnerships.