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In this video tutorial, the discussion on partnerships continues, focusing on key aspects such as the formation of a partnership, which requires a minimum of two and a maximum of 20 individuals. Different types of partners, specifically general and limited partners, are introduced. The importance of a partnership deed is emphasized; in its absence, the laws, specifically the Partnership Act 114 of Uganda, will apply. Additionally, it is noted that partnerships must maintain books of accounts, including an income statement and a balance sheet, similar to other business types. Overall, the video reinforces foundational concepts related to partnerships in business.
