Final answer:
The disclosure that should not be included in a partnership agreement is the list of personal assets of each partner, as the agreement focuses on the business relationships and terms, not personal financial information.
Step-by-step explanation:
The question regarding what should not be part of a partnership agreement touches on the essential elements that typically comprise such an agreement. Option b, 'The list of personal assets of each partner,' is not a disclosure that should be part of a partnership agreement.
This is because a partnership agreement primarily focuses on the business aspects of the partnership, including how profits are divided (share in profits), specific responsibilities of the partners, and information about remuneration such as salaries and drawing accounts.
Disadvantages of general partnership include each partner's personal liability for business debts which can result in losing personal assets in case of bankruptcy or lawsuits. By contrast, in a limited liability partnership, partners are shielded from personal liability beyond their investment in the company.
Additionally, partnerships have the disadvantage that partners are accountable for each other's actions which might affect business continuity in case a partner leaves or passes away.