BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business.

Detailed explanation-2: -General Partnership (GP) A general partnership is a partnership when all partners share in the profits, managerial responsibilities, and liability for debts equally. If the partners plan to share profits or losses unequally, they should document this in a legal partnership agreement to avoid future disputes.

Detailed explanation-3: -A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.

Detailed explanation-4: -Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Detailed explanation-5: -In a general partnership, the partners divide responsibility for management, liability and their share of the business’ profits or losses. Shares are assumed to be equal unless a written agreement states differently.