The correct answer is: C. by an express or implied agreement only.
A partnership is a business relationship between two or more people who agree to share the profits and losses of a business. Partnerships can be created by an express agreement, which is a written or oral agreement between the partners, or by an implied agreement, which is an agreement that is inferred from the conduct of the partners.
An express agreement is the most common way to create a partnership. The agreement should state the names of the partners, the purpose of the partnership, the contributions of each partner, and the division of profits and losses.
An implied agreement is less common, but it can still create a partnership. An implied agreement is created when the partners act as if they are partners, even though they have not signed a written agreement. For example, if two people start a business together and share the profits and losses, they may be considered partners even if they have not signed a written agreement.
Inheritance of property cannot create a partnership. A partnership is a business relationship, and property cannot be inherited into a business relationship. If a partner dies, their share of the partnership must be sold or distributed to their heirs.
Here are some additional details about each option:
- Option A: by the operation of law. This option is incorrect because a partnership cannot be created by the operation of law. A partnership is a business relationship, and it cannot be created by law.
- Option B: by an express agreement only. This option is incorrect because a partnership can also be created by an implied agreement.
- Option D: by inheritance of property. This option is incorrect because inheritance of property cannot create a partnership.