Answer :--
The most essential elements necessary to form a partnership
are:
1. The contract in a partnership
2. Business to be carried on
3. Profit sharing in the partnership
The contract needs to be well documented and it is the most
important reference which is used if there is any issue in the
partnership that occurs. The contract requires stakeholders and
there should be minimum 2 stakeholders to complete this deal and
along with that there has to be a business contract that there will
be business transactions in the partnership and the profit incurred
needs to be shared on the basis of that. These shoudl be present to
make the elements sufficient in a partnership.
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