Question

Following are essential elements of a partnership firm except:

विकल्प

• At least two persons.

• There is an agreement between all partners. 

• Equal share of profits and losses.

• Partnership agreement is for some business.

Answer 1

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.