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Partnership Act and Joint Business Activities

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Discuss the role of the Partnership Act as it relates to people carrying on joint business activities. For example, how does it govern the activities of partners with each other and the activities of those partners with outsiders?

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Problem: Discuss the role of the Partnership Act as it relates to people carrying on joint business activities. For example, how does it govern the activities of partners with each other and the activities of those partners with outsiders?

Solution: The role of the Partnership Act as it relates to people carrying on join business activities is that it contains various provisions that affect both operational and accounting treatments. The Partnership Act details how partners share their profits and especially where there is the absence of an agreement towards that end. The Partnership Act also follows through to ensure that ...

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