To protect partnerships and minimize misunderstandings among partners,all terms of a partnership should be spelled out in writing.

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This is true. Having a written partnership agreement helps to clearly define each partner's responsibilities, the division of profits and losses, decision-making processes, and other important details. It can also prevent disputes and ensure that all partners are on the same page.

To Protect Partnerships and Minimize Misunderstandings Among Partners,all Terms of a Partnership