Which of the following is NOT true of the articles of partnership? A)

QUESTION

Which of the following is NOT true of the articles of partnership?

A) It has no legal binding.
B) It defines the role of each partner.
C) It specifies how much money each partner is to invest.
D) It specifies the buy/sell arrangements if one partner wants to get out of the arrangement.
E) It specifies the buy/sell arrangements if one or both partners die.

ANSWER

Answer: A
Explanation: A) The articles of partnership is not a required document, but once one is created, it is a legally binding agreement.