What is the primary legal document that outlines the terms of a partnership?
Practice Questions
1 question
Q1
What is the primary legal document that outlines the terms of a partnership?
Partnership deed
Business plan
Operating agreement
Shareholder agreement
The primary legal document that outlines the terms of a partnership is called a partnership deed.
Questions & Step-by-step Solutions
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Q
Q: What is the primary legal document that outlines the terms of a partnership?
Solution: The primary legal document that outlines the terms of a partnership is called a partnership deed.
Steps: 4
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.
