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Mohan and Radha want to start a shop to sell Rajasthani Sweets. They did not know how to enter into the agreement. Therefore, they approached a Chartered Accountant who advised them to prepare a document which may stipulate the terms and consolidation of the agreement. Name the document about which the chartered accountant advised Mohan and Radha. Also state any four important items they should include in the agreement besides the name, nature and place of business.

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The chartered accountant would have advised them to prepare a partnership agreement. The partnership agreement may have following four inportant items besides name, nature and place of business. 1) Contribution made by each partner as a part of initial capital. 2) Profit / loss sharing details for each...
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The chartered accountant would have advised them to prepare a partnership agreement. The partnership agreement may have following four inportant items besides name, nature and place of business.

1) Contribution made by each partner as a part of initial capital.

2) Profit / loss sharing details for each partner.

3) Partner's authority.

4) Decision making process with reference to partnership firm.

5) Process to be following in case of withdrawal / death of the partner.

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