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Review Your SQE 1 Practice Records

Examination Timing: 00H00M01S

Emma and Lucy decide to start a business as a partnership. They contribute equal amounts of capital and share profits equally. After a year, they disagree on business decisions and Emma wants to leave the partnership. 

What must they consider about the business structure before Emma can leave?

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In a partnership, the partnership agreement outlines the terms for the operation of the business, including how a partner can leave the partnership and the procedure for dissolution. Emma and Lucy must refer to their partnership agreement to understand the steps Emma must take to leave the partnership. 

Key Point: A partnership agreement is crucial for governing the relationship between partners, including procedures for resolving disputes and dissolving the partnership.

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