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    Question

    Which of the following is not an essential of

    partnership ?
    A An association of two or more persons Correct Answer Incorrect Answer
    B Existence of contract Correct Answer Incorrect Answer
    C Sharing of profit Correct Answer Incorrect Answer
    D Mandatory Registration Correct Answer Incorrect Answer

    Solution

    There are 5 elements which constitute of a partnership namely: (1)There must be a contract; (2) between two or more persons; (3) who agree to carry on a business; (4) with the object of sharing profits and (5) the business must be carried on by all or any of them acting for all.

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