Final answer:
A partnership agreement should encompass each partner's duties, the business purpose, and profit and loss allocation methods, which are vital for managing the responsibilities and risks shared among partners. Option d.
Step-by-step explanation:
A partnership agreement should indeed include all of the above: each partner's duties, the purpose of the business, and the method of allocating profits and losses. In a partnership, it is crucial to have a clear understanding of these elements to ensure smooth operations and to handle any changes or issues that may arise, such as the departure or death of a partner, as well as the potential for personal liability for the business's debts.
Partnerships offer easy setup and management compared to other business structures, the ability to attract investors, and can benefit from the complementary skills of each partner.