BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money
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Body
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Property
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Industry or Talent
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Detailed explanation-1: -A partnership agreement is an agreement between two or more individuals who sign a contract to start a profitable business together. In the Partnership agreement, the partners are equally responsible for the debt of an organisation.
Detailed explanation-2: -An LLC partnership can have two or more owners, called members. Limited liability companies with multiple members are referred to as multi-member LLCs or LLC partnerships. Under an LLC partnership, members’ personal assets are protected. In most cases, members can’t be sued for the business’s actions or debts.
Detailed explanation-3: -General partners typically bring specialized knowledge and skills to the partnership and contribute to its pool of contacts and clients. Since they share management responsibilities, each has more time to devote to their respective professional duties.
Detailed explanation-4: -A partnership business, by definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses.