Who can be part of a partnership?

Prepare for the Conference National Board – Arts Exam with flashcards and multiple choice questions. Each question includes reliable explanations. Gear up to ace your exam!

A partnership can consist of any two or more people, which is why this choice is correct. In a legal context, a partnership is defined as an arrangement where two or more individuals work together towards a common goal or business purpose, sharing profits, losses, and management responsibilities. This flexibility allows for a diverse range of partnerships, including those formed among friends, business associates, or individuals brought together for a specific project.

Regarding the other options, the idea that only family members can be part of a partnership is overly restrictive and not aligned with the legal definition. The assertion that only legal entities can form a partnership is incorrect, as individuals, as well as organizations, can enter into these agreements. Finally, suggesting that only government bodies can participate in partnerships also misrepresents the concept, as partnerships are generally open to any qualified individuals or entities, inclusive of—but not limited to—government organizations.

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