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Zainuba Test 2

TermDefinition
Disadvantages of sole proprietorships Unlimited liability, Limited financial resources, Management difficulties, Overwhelming time commitment, Few fringe benefits, Limited growth, and Limited life span.
Types of partnerships- General Partnership All owners share in operating the business and in assuming liability for the business's debts. Unlimited liability.
Types of partnerships- Limited Partnership One or more general partners and one or more limited partners. No liability.
Types of partnerships- Master limited partnership It acts like a corporation and is traded on stock exchanges but is taxed like a partnership, avoiding corporate tax income.
Partnership agreement 1. The name of the business 2. Names and addresses of al partners 3. Purpose and nature of the business, location of offices, and other locations related to the business. 4. The date the partnership will start and end. 5. The contributions made by eac
Partnership agreement continued 5. The contributions made by each partner 6. The management responsibilities 7. Duties of each partner 8. Salaries and drawing accounts of each partner 9. Provisions for sharing of profits or losses 10. Provision for accounting procedure
Partnership agreement continued more 11Requirements for new partners 12. Any restriction of a partner 13. Provision for a retiring partner 14. Purchase of a dead/retired persons share 15. Provision for how grievances will be done 16. How to dissolve the partnership and distribute assets
A legal entity that manages a business
Created by: mgoine00
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