LIT1 - Partnership Word Scramble
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| Question | Answer |
| 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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