Accounting WAEC

Which of the following relates to the essence of partnership? To

A. run a charity organization
B. pursue a social objective
C. form a business for profit
D. run a religious objective

Correct Answer: Option C

C. form a business for profit

Explanation

The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities for profitability.

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