According to the Uniform Partnership Act, the three key elements of any general partnership are

(1) a board of directors, a written partnership agreement, and a well-defined product or service.

(2) common ownership, shared profits and losses, and right to participate in managing the operations.

(3) two owners, an adequate financial base, and a written statement describing the manner in which profits and losses will be divided.

(4) common stock, a board of directors, and a statement of limited liability.

(2) Common ownership, shared profits and losses, and right to participate in managing the operations.

Explanation:

Partnership refers to a mutual agreement between 2 or more individuals agreeing to carry out a business and to share it's profits and losses in an agreed ratio or as per the clauses in partnership deed.

Uniform partnership act regulates partnership agreements in majority of United States. The act also allows remaining partners after dissolution to continue the partnership if majority of them desire to do so.

Under the act, Partnership is characterized by common ownership of assets and liabilities by all partners, sharing of partnership profits and losses and equal rights to participate in managing the operations of the partnership.

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