Question

Selections, a general partnership, operates a gift shop. Selections has five partners. Tony has a one-third interest in the partnership. Each of the other partners has a one-sixth interest. With respect to management decisions

Answer 1

With respect to management decisions a majority of the partners must agree, irrespective of the size of each partner's interest in the partnership.

What is partnership?

A partnership is an agreement in which two or more parties, known as business partners, agree to work together to advance their mutual interests. Individuals, businesses, interest-based organizations, schools, governments, or combinations can form partnerships.

A partnership is a single business owned by two or more people. Each partner contributes to every aspect of the business, whether it's money, property, labor, or skill. In exchange, each partner shares in the company's profits and losses.

The goal of a partnership agreement (or partnership contract) is to create a legally binding contract between two or more individuals or other legal entities in order to establish a business enterprise. This partnership agreement specifies each partner's or entity's rights and responsibilities.

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