What is the primary legal document that outlines the terms of a partnership?
Practice Questions
Q1
What is the primary legal document that outlines the terms of a partnership?
Partnership deed
Business plan
Operating agreement
Shareholder agreement
Questions & Step-by-Step Solutions
What is the primary legal document that outlines the terms of a partnership?
Step 1: Understand that a partnership is an agreement between two or more people to run a business together.
Step 2: Know that to make this agreement official, a legal document is needed.
Step 3: Learn that this legal document is called a partnership deed.
Step 4: Recognize that the partnership deed outlines important details like how profits will be shared, responsibilities of each partner, and what happens if a partner wants to leave.
