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      Question

      Which of the following ingredient is not found in an

      LLP?
      A Profit sharing Correct Answer Incorrect Answer
      B Mutual agency Correct Answer Incorrect Answer
      C Agreement between parties Correct Answer Incorrect Answer
      D both A and B Correct Answer Incorrect Answer
      E both B and C Correct Answer Incorrect Answer

      Solution

      Mutual agency means that each partner is responsible for the acts done by other partners related to business. Mutual agency do exist in a partnership firm but not in LLP.

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