Stone and Thombs are forming a$$ partnership, Salem Leather$$ Goods, to import merchandise from Spain. Stone is especially artistic and will travel to Spain to buy the merchandise. Thombs is a super salesman and has already lined up several department stores to sell the leather goods.

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Part $1$

Requirement $1.$ What is the purpose of the partnership$$ agreement?

The purpose of the partnership agreement is to

$$

eliminate the unlimited personal liability of the partners.

establish the corporate tax rate at which the partnership with be taxed on earnings.

increase the partners' understanding of how the business is run.