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Following are the essential elements of a partnership firm except:
  • a)
    Atleast two persons
  • b)
    There is an agreement between all partners
  • c)
    Equal share of profits and losses
  • d)
    Partnership agreement is for some business
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Following are the essential elements of a partnership firm except:a)At...
The essential elements of partnership firm are at least two persons, there is an agreement between all partners and partnership agreement is for some business. But its not necessary to that the partners have equal share of profits. They may have any profit sharing ratio as agreed or in the deed. 
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Following are the essential elements of a partnership firm except:a)Atleast two personsb)There is an agreement between all partnersc)Equal share of profits and lossesd)Partnership agreement is for some businessCorrect answer is option 'C'. Can you explain this answer?
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