According to the Uniform Partnership Act, the three key elements of any general partnership are (1) shares of stock to represent ownership, (2) limited liability, and (3) ease of ownership transfer.

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The Uniform Partnership Act defines a general partnership as an association of two or more persons to carry on a business for profit as co-owners, without shares of stock, limited liability, or ease of ownership transfer.

According to the Uniform Partnership Act, the Three Key Elements