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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
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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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