Which one of the following statements is correct with respect to the creation of a partnership? Where two people agree to enter into a partnership, there is no partnership created unless all of the elements of a contract are present. A partnership can be created only by contract. For a partnership to exist, the relationship giving rise to it must be of an ongoing business nature, not a one-time project. A partnership can be created by an intention to share the revenues between the partners. For a person to be a limited partner, there must be at least two general partners.