All of the following are items that should be outlined in a partnership agreement except:
A) procedures for settling disputes among partners
B) method of sharing profits and losses among the partners
C) the chart of accounts for the partnership
D) procedures for admitting a new partner

Question

Quizplus · Accepted Answer

The chart of accounts for the partnership is typically not included in a partnership agreement. The purpose of a partnership agreement is to outline the rights and responsibilities of each partner, as well as the rules for how the partnership will operate. This includes items such as dispute settlement procedures, profit and loss sharing methods, and the procedures for admitting a new partner.

All of the Following Are Items That Should Be Outlined