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Econ Review

Review For Econ

QuestionAnswer
What is a General Partnership? A Partnership where each partner shares equally in both Liability and Responsibility
What is a Limited Partnership? A Parntership where only one partner is required to be a general partner. The remaining partners contribute only money, and can only lose the amount of initial investment
What is a Limited Liability Parntership? A new type of partnership in which all partners are limited partners. An LLP Functions as a general partnership but the partners are exempt from personal liability in certain situations, such as another partners mistakes
What types of businesses can operate as an LLP? Professional Businesses, such as those with lawyers, physicians, dentists, or acountants
What percent of all businesses do partnerships account for? Seven Percent
What are Articles of Partnership? A Legal document which spells out each persons rights and responsibilities
What does the acronym "UPA" stand for? Uniform Partnership Act
How many partners are required to be general partners in a Limited Partnership? At least one
Name one Advantage of partnerships Ease of start up, Shared decision making, or A larger pool of capital
Name one Disadvantage of partnerships Unlimited liability and Potential for conflict
Created by: ellison.julian
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