Which of the following statements is not true about a family member partner in a services business where no products are sold? (1) The family members must have joined together in good faith. (2) The family members must have written agreement. (3) The family members must agree that contributions of each entitle them to share in the profits. (4) each of the family members must provide some capital or service.
Which of the following statements is not true about a family member partner in a services business where no products are sold? (1) The family members must have joined together in good faith. (2) The family members must have written agreement. (3) The family members must agree that contributions of each entitle them to share in the profits. (4) each of the family members must provide some capital or service.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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![Which of the following statements is not true
about a family member partner in a services
business where no products are sold?
(1) The family members must have joined together
in good faith.
(2) The family members must have written
agreement.
(3) The family members must agree that
contributions of each entitle them to share in the
profits.
(4) each of the family members must provide
some capital or service.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe55123cb-2956-423d-98b7-a30f49a91cde%2F5147da4d-e31e-400c-bd6e-ddf423eaf504%2Fhrporgb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following statements is not true
about a family member partner in a services
business where no products are sold?
(1) The family members must have joined together
in good faith.
(2) The family members must have written
agreement.
(3) The family members must agree that
contributions of each entitle them to share in the
profits.
(4) each of the family members must provide
some capital or service.
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