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6 May, 2015 - 17:10

The Uniform Partnership Act has been adopted by most states, and its purpose is to provide basic laws governing the formation and the operation of partnerships. The combination of entrepreneurial talents, experience, and capital make the formation of partnerships attractive. Small businesses and professional services typically enter into partnership agreements. When a partnership is formed, the articles of partnership stipulate in particular how profits and losses are to be divided, the responsibilities of partners, the initial contributions, the name and the nature of the business.