In relation to the formation of a partnership, select the correct statement: Group of answer choices: 1 A partnership is property created once a partnership agreement is signed. 2 A partnership can exist without the members being aware that they are in fact in a partnership relationship. 3 A partnership can be created for a non-profitable purpose. 4 To come into existence, a partnership must be registered under the Partnership Law Act 2019.
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
In relation to the formation of a
Group of answer choices:
1 A partnership is property created once a partnership agreement is signed.
2 A partnership can exist without the members being aware that they are in fact in a partnership relationship.
3 A partnership can be created for a non-profitable purpose.
4 To come into existence, a partnership must be registered under the Partnership Law Act 2019.
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