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Which of the following is not among one of the three essential elements of partnership?
- a)Agreement by two or more persons
- b)Agreement to share profits
- c)Business carried on by one or more partners
- d)Agreement to share losses
Correct answer is option 'D'. Can you explain this answer?
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Which of the following is not among one of the three essential element...
Business carried on by one or more partners
The three essential elements of a partnership are crucial for defining the nature and characteristics of the partnership agreement. Let's break down each element:
Agreement by two or more persons:
- A partnership requires an agreement between two or more individuals to carry on a business together. This agreement outlines the terms and conditions under which the partnership will operate.
Agreement to share profits:
- Another essential element of a partnership is the agreement to share profits generated by the business. This ensures that each partner receives a portion of the profits based on the terms agreed upon in the partnership agreement.
Business carried on by one or more partners:
- This is not an essential element of a partnership. In fact, a partnership requires the business to be carried on by all partners collectively. This means that each partner plays an active role in the operations and decision-making processes of the business.
Therefore, the correct answer to the question is option 'C' - Business carried on by one or more partners, as this is not one of the three essential elements of a partnership.
The three essential elements of a partnership are crucial for defining the nature and characteristics of the partnership agreement. Let's break down each element:
Agreement by two or more persons:
- A partnership requires an agreement between two or more individuals to carry on a business together. This agreement outlines the terms and conditions under which the partnership will operate.
Agreement to share profits:
- Another essential element of a partnership is the agreement to share profits generated by the business. This ensures that each partner receives a portion of the profits based on the terms agreed upon in the partnership agreement.
Business carried on by one or more partners:
- This is not an essential element of a partnership. In fact, a partnership requires the business to be carried on by all partners collectively. This means that each partner plays an active role in the operations and decision-making processes of the business.
Therefore, the correct answer to the question is option 'C' - Business carried on by one or more partners, as this is not one of the three essential elements of a partnership.
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Which of the following is not among one of the three essential elements of partnership?a)Agreement by two or more personsb)Agreement to share profitsc)Business carried on by one or more partnersd)Agreement to share lossesCorrect answer is option 'D'. Can you explain this answer?
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