Question

There is a saying that it is always better to have a written agreement for partnership business. Keeping in view this statement it is always advisable for partners to have a written agreement.what is the name of this agreement and what are its contents in general?(100-150 words)

Answer 1

The written agreement with gives way for formation of a company is known as partnership.The loss and the profit earned must be always divided equally between the partners and their partnership must be lawful in the court with a written document as a proof.The profit received and the loss to incurred is on the agreed ratio of dividing the profit, from the net profit available to the business.