Discuss the characteristics of the partnership according to its' definition.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Discuss the characteristics of the
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Partnership
Partnership is a business organisation which is created by two or more persons to carried out a business. The profit or loss should be divided in their profit sharing ratio which is stated in partnership deed and in case of absence of partnership deed, profit and loss should be shared equally.
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