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Question
How is a partnership formed?
Short Answer
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Solution
A partnership is formed through an agreement between two or more persons to carry on a lawful business and share its profits. This agreement, either oral or written, is called the Partnership Deed when in writing and outlines all terms and conditions agreed upon by the partners. Registration of the partnership is not compulsory but recommended for certain legal advantages.
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Chapter 3: Ownership Structures - Partnership - EXERCISES [Page 41]
