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LIT1 - Partnership

Partnerships

QuestionAnswer
What is a partnership? Multiple owners of a business working together towards the success of the company.
What might a partner bring to the table in a company? Money, ideas, skills, and efforts
How does a partnership determine how the business will operate? A contract or "partnership agreement"
How is a partnership different from sole proprietorship? Partners share all profits and liabilities based on how much money they have invested in the company.
How do partnerships differ from corporations? They have multiple owners who share all the profits and losses.
In a partnership, if one partner signs a contract for business is the other partner also liable? Yes, both owners are bound by the contract.
What is a limited partnership? Limited partners can not be involved in any management tasks. Limited partners are like shareholders and only contribute money to the company. Their gains/losses can never be greater then their contribution.
Created by: mfagre
 

 



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