An agent at William Blair is marketing an oil & gas general partnership in which each partner has substantial day-to-day control and decision-making power. Under the Uniform Securities Act, interests in this partnership are:

1. AAlways securities because partnerships are included in the definition
2. BNot securities, because there is no reliance on the efforts of others✓ Correct answer
3. CSecurities if offered to more than 10 investors
4. DSecurities if profits are shared

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