A partnership is based on a(n)__________ contract between two or more competent persons who agree to place some or all of their money or other assets, labor, and skill in a business, with the understanding that profits and losses will be proportionately shared.

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A partnership is based on a voluntary agreement between individuals to share resources and responsibilities in a business, with an understanding of shared profits and losses.

A Partnership Is Based on A(n)__________ Contract Between Two or More