Define the partnership. What are the elements of part?
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A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests
there are 5 elements which constitute of a partnership namely:
(1) There must be a contract
(2) between two or more persons
(3) who agree to carry on a business
(4) with the object of sharing profits
(5) the business must be carried on by all or any of them acting for all.
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