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Which of the following best describes the term 'partnership deed'?

Practice Questions

Q1
Which of the following best describes the term 'partnership deed'?
  1. A legal document that outlines the terms of the partnership
  2. A verbal agreement between partners
  3. A document that registers the partnership with the government
  4. A financial statement of the partnership

Questions & Step-by-Step Solutions

Which of the following best describes the term 'partnership deed'?
  • Step 1: Understand that a partnership deed is a document.
  • Step 2: Know that this document is legal, meaning it is recognized by law.
  • Step 3: Learn that the partnership deed outlines the terms of the partnership.
  • Step 4: Identify that it includes roles, which are the specific jobs or duties of each partner.
  • Step 5: Recognize that it also includes responsibilities, which are the obligations each partner has.
  • Step 6: Understand that profit-sharing is how the profits from the partnership are divided among the partners.
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