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Whats the difference between Partnership Act and Partnership Agreement?

April 26, 2017difference Education help homework partnership agreement Reference

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Whats the difference between Partnership Act and Partnership Agreement?

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Partnership Act: The clauses and rules on which the Partnership agreement is based. Partnership Agreement: The agreement on which both party are agreed upon. Limited Liability refers to person’s financial liability is limited to a fixed sum. Unlimited Liability: Indefinite extent of liability to pay a firm’s debts or obligations, extending beyond the investments of the firm’s owner(s), partners, or shareholder(s) to their personal assets.