Which of the following documents set out the internal regulations of a partnership?
Answer Details
The document that sets out the internal regulations of a partnership is called a partnership deed. A partnership deed is a legal document that outlines the rights, responsibilities, and obligations of each partner, as well as the terms and conditions of the partnership. It covers important aspects such as profit sharing, decision-making, capital contributions, admission of new partners, retirement of partners, dissolution of the partnership, and so on. The partnership deed is a crucial document as it provides a clear framework for the smooth functioning of the partnership, and helps to prevent misunderstandings and disputes between partners.