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In a partnership, which document outlines the rights and responsibilities of eac
In a partnership, which document outlines the rights and responsibilities of each partner?
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Practice Questions
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Q1
In a partnership, which document outlines the rights and responsibilities of each partner?
Partnership deed
Memorandum of understanding
Business plan
Articles of incorporation
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The partnership deed is the legal document that outlines the rights and responsibilities of each partner in the partnership.
Questions & Step-by-step Solutions
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Q
Q: In a partnership, which document outlines the rights and responsibilities of each partner?
Solution:
The partnership deed is the legal document that outlines the rights and responsibilities of each partner in the partnership.
Steps: 5
Show Steps
Step 1: Understand that a partnership is a business arrangement where two or more people work together.
Step 2: Know that partners need to have clear agreements about their roles and responsibilities.
Step 3: Identify the document that serves this purpose; it is called the partnership deed.
Step 4: Recognize that the partnership deed is a legal document.
Step 5: Learn that the partnership deed outlines the rights and responsibilities of each partner.
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