 In this presentation, we will take a look at multiple choice questions related to partnerships. First question, unincorporated business of two or more persons designed to generate profit is A. S. Corporation B. Proprietorship C. Contractual Agreement or contractual company D. Partnership E. Hobby So we'll go through this again, see if we can go through the process of elimination. This first question should be a bit obvious considering the fact that we are talking about the topic of partnerships. And note that when we go into multiple choice questions, it is really a good idea to know what topic we're in here. So clearly when we're on a chapter of partnerships or if our whole course is dealing with partnerships, then we can lean our answers to what we think the relative answer will be just based on the topic we're covering. So let's go through this again. We're going to say the unincorporated business of two or more persons designed to generate profit is an S. Corporation, a proprietorship. The proprietorship is one person, so we can probably eliminate that one. S. Corporation might be a little bit more abstract to us. C. Contractual Agreement D. Partnership Probably the one we're talking about considering we're in the partnership type of business area in this course. And then E says a hobby. And we probably think it's not a hobby, it looks like some type of business. It clearly says it's business and it has a need to generate profit. So if we're left with A, C, and D, an unincorporated business of two or more persons designed to generate profit is. And that's not going to be an S. Corporation or a contractual agreement. It will be the partnership. So final answer, partnership. One more time just to read through the definition. Unincorporated business of two or more persons designed to generate profit is D. Partnership. Next one. A partnership agreement A must be in writing, B not necessary, C is an agreement between partners and customers, D causes more problems than it helps, E is also called articles of incorporation. So let's go through these again, see if we can go through the process of elimination. A partnership agreement A must be in writing. Now we might think that seems kind of reasonable, so you know, I'm not sure about that. So let's keep that there for now. B not necessary, and again, you could think, you know, it's not necessary to have the partnership agreement. I mean, if we don't have a formal written agreement, you know, so I'll keep that for now. C says, is an agreement between partners and customers, and the partnership agreement is actually between partners and not customers, so just partners, that's not it. And then D says, causes more problems than it helps. That seems kind of a snarky kind of answer, probably, probably not, not it, you know, because I would think an agreement, a formal agreement would be more helpful than not having one. And then E says, is also called the articles of incorporation, and we might not really know, so I'm going to leave A, B and E. So once again, if we go through this, we'll say that a partnership agreement is either A, B or E must be in writing, not necessary, is also called the articles of incorporation. And I would think that not necessary, I'm going to, I'm going to eliminate that one because, again, we don't have to have an agreement in writing, but we must have some kind of agreement, and note that I just answered this one, but we must have some kind of agreement, typically, because at least we have an oral agreement because we're doing work together. So if we're doing work together, then we must have at least discussed this and somehow, and there's an assumption that the two individuals are doing this for some kind of personal benefit, and that would be some type of agreement. And then I just answered this one, it must be in writing, it actually doesn't need to be in writing, it's much preferred to be in writing to have a partnership agreement, but two individuals that just say, hey, let's go start a food truck store and we'll just get it going and moving forward with it and have no agreement other than we're just going to go through that are still basically a partnership and they don't have a written agreement, but clearly they have an agreement of some kind because they went and bought the truck or rented the truck and have agreed to go out and do the business. So that's that one. So it must be them, E, which is also called Articles of Incorporation. So final question and answer, a partnership agreement, E, is also called the Articles of Incorporation.