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Answer the following questions relating to the partnership business structure: What are the 3 elements of the statutory definition of a partnership? (3 marks) Identify

Answer the following questions relating to the partnership business structure:

  1. What are the 3 elements of the statutory definition of a partnership? (3 marks)

  1. Identify and in your own words, briefly explain the meaning and application of each element. (4 marks) (Maximum 150 words)

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