Question

0. 1. Following are essential elements of a partnership firm except :
(A) Atleast two persons
(B) There is an agreement between all partners
(C) Equal share of profits and losses
(D) Partnership agreement is for some business.
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Answer 1

Answer:

(D) Partnership agreement is for some business.

Explanation:

The essential elements of partnership firm are at least two persons, there is an agreement between all partners and partnership agreement is for some business. But its not necessary to that the partners have equal share of profits. They may have any profit sharing ratio as agreed or in the deed.A Partnership Agreement is an agreement between two or more persons for carrying on a Business together with the object of making a profit.The purpose of the agreement is to regulate how the business will operate day to day and help resolve any disputes between partners. A partnership does not have to have a Partnership Agreement but the clarity a well-drafted agreement provides will be helpful.

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