Question : Following are essential Elements of a Partnership firm except:-
Option 1: At least two Persons.
Option 2: There is an agreement between all partners.
Option 3: Equal share of Profit and loss.
Option 4: Partnership agreement is for some business.
Answer (1)
25th Jan, 2024
Correct Answer: Equal share of Profit and loss.
Solution : Answer = Sharing profit and losses equally is not an essential element of a Partnership .
The essential elements of a partnership firm include at least two persons, an agreement between partners, and a partnership agreement for conducting business. However, equal sharing of profit and loss is not mandatory; it can vary based on the terms of the partnership agreement.
Hence, the correct option is 3.
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