In which of the following is not stated in the partnershi...
In which of the following is not stated in the partnership agreement?
Profit sharing ratio
Interest on capital
Interest on fixed asset
Purpose of partnership
Correct answer is D
Although each partnership agreement differs based on business objectives, certain terms should be detailed in the document, including percentage of ownership, division of profit and loss, length of the partnership, decision making and resolving disputes, partner authority, and withdrawal or death of a partner.
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