2. "A partnership is an association of two or more persons who own and manage a business for profit". In the lifetime of this association there may occur many changes in the business, viz., Admission of a new partner, Retirement of a partner, dissolution of partnership and dissolution of the firm itself. In this assignment, you will need to answer following queries after a thorough analysis of partnership business firms. (follow the business brief writing guidelines attached below the assignment) a) Write a Partnership business brief on the changes that would occur and its effects in a partnership business during its life time. b) How the adjustments are done among the partners due to changes in the partnership for the following situations (all adjustments need to be covered): i. When new partner is admitted ii. When a partner retires or dies iii. When there is closure of partnership firm c) You are also required to present the above explanation in "concept map" view. 3. Following of Business brief writing guidelines" attached below the assignment 1. Video based: When a partnership business has more than one person as owner, there is a definite chance of incongruity among partners. These incongruities may be curtailed by certain strategies. Below is the video link that gives you an insinuation of minimizing incongruities among partners. https://www.youtube.com/watch?v=beAOaiA7XBA You are required to base the five suggestions (Aligned vision and values, defined roles, pay for performance and split for profit, have a tie breaker, have a shareholder agreement) found in the video, prepare a draft of partnership covering all suggestions assuming that you may start a partnership business along with four of your friends (follow the business brief writing guidelines attached below the assignment)