WAEC SSCE - Financial Accounting - 1992 (Objective)

Question 1 Report

In a professional partnership, membership must be between

2 and 8

2 and 10

2 and 50

2 and any number

2 and 20

Answer Details

In a professional partnership, membership must be between 2 and 50. A professional partnership is a type of business organization that is formed by two or more individuals who work together in a common field. This type of partnership is common in professions such as law, accounting, and medicine. To form a professional partnership, there must be at least two members. This is because a partnership is a legal agreement between two or more individuals to carry on a business together and share in the profits and losses. On the other hand, there is a legal limit to the maximum number of members that can form a professional partnership. This limit is usually set by the regulatory bodies governing the profession. In most cases, the maximum number of members is set at 50. Therefore, in a professional partnership, membership must be between 2 and 50. The partnership must have at least two members to be considered a partnership, and cannot have more than 50 members due to regulatory restrictions.






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