GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The contributions from different partners
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How major decisions are made
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How workers are hired and trained
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How the partnership may be ended
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Detailed explanation-1: -The partnership agreement does not include one of the following: Language relating to the formation, ongoing operation, and ultimate dissolution of the partnership.
Detailed explanation-2: -The partnership agreement spells out who owns what portion of the firm, how profits and losses will be split, and the assignment of roles and duties. The partnership agreement will also typically spell how out disputes are to be adjudicated and what happens if one of the partners dies prematurely.
Detailed explanation-3: -Elements of a Partnership Agreement Purpose: Explain what your business does. Partners’ information: Provide all partner’s names and contact information. Capital contributions: Describe the capital (money, assets, tangible items, property, etc.) that each partner provided.