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Partnership Act
Legislation that outlines the rights and responsibilities of partners in a business partnership.
Profits
The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs associated with sustaining the operations.
Carrying On Business
The ongoing conduct of commercial activities with some degree of regularity or continuity for profit.
Unlimited Liability
A legal structure in which owners and partners are personally and fully responsible for all the debts and liabilities of the business.
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