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Question
Define the following business entities:
Partnership
Solution
- A partnership is a type of business in which two or more people agree to run a firm and split earnings and losses.
- Each participant is referred to as a partner. Every owner in a partnership contributes to the company's success.
- Contributions to a partnership can take the shape of plans, resources, wealth, or a combination of all of these.
- Profits and losses are split among partners in proportion to their respective investments or as agreed upon.
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