The articles of partnership should specify

1. name, location, and nature of the business.

2 name investment and duties of each partner

3. procedures for admitting a new partner

4. method of sharing profits and losses among the partners

5. withdrawals of assets but the partners

6. procedures for settling up with a partner who withdraws from the firm

7. procedures for liquidating the partnership-selling the assets, paying the liabilities and giving any remaining cash to the partners.

Question

Social Studies

Bradyn Phelps

15 August, 20:00

The articles of partnership should specify

1. name, location, and nature of the business.

2 name investment and duties of each partner

3. procedures for admitting a new partner

4. method of sharing profits and losses among the partners

5. withdrawals of assets but the partners

6. procedures for settling up with a partner who withdraws from the firm

7. procedures for liquidating the partnership-selling the assets, paying the liabilities and giving any remaining cash to the partners.

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Answers (1)

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Ella · Answer 1

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Explanation:

Articles of partnership is known as a contract that forms an agreement between business partners. It serves as a rule book that shows the conditions by which each party enters into partnership.

Since it clarifies the terms of the relationship to be built and how the assets of their partnership can be shared, possible disputes that could arise are rightly prevented.