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Question
Following are essential elements of a partnership firm except:
Options
At least two persons
There is an agreement between all partners
Equal share of profits and losses
Partnership agreement is for some business
MCQ
Solution
Equal share of profits and losses.
Explanation:
A partnership firm is an agreement between two or more people to run a business, but they don't have to share profits or losses equally unless the partnership deed specifies otherwise or if there isn't one.
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Nature of Partnership
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