According to the Uniform Partnership Act, the three key elements of any general partnership are:
A. two owners, an adequate financial base, and a written statement describing the manner in which profits and losses will be divided.
B. common ownership, shared profits and losses, and right to participate in management.
C. a board of directors, a written partnership agreement, and a well-defined product or service.
D. common stock, a board of directors, and a statement of limited liability.

Common ownership, shared profits, and losses, and right to participate in management.

Explanation:

Partnership can be defined as a type of business arrangement between two or more persons. These individuals participate in the management of the business and also share the profits.

General partnership can be defined as an agreement between two or more individuals to participate jointly in the day to day management of the organisation. General partnership are easy and less expensive to establish. The financial responsibility of the business is shared equally among the partners.

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