Following are essential elements of a partnership firm except: (CPT; June 2012) (A) At least two persons (B) There is an agreement between all partners (C) Equal share of profits and losses (D) Partnership agreement is for some business.
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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Answer:
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.