ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the business continues even if one partner dies
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partners must pay specific business taxes on stock they issue
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partners usually draw up legal papers called articles of partnership.
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partners are only liable for the business’ debt up to the amount of their investment
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Detailed explanation-1: -What Are Articles of Partnership? Articles of partnership is a contract that forms an agreement among business partners to pool labor and capital and share in profit, loss, and liability.
Detailed explanation-2: -Partnership deed is a written legal document that contains an agreement made between two individuals who have the intention of doing business with each other and share profits and losses. It is also called a partnership agreement.
Detailed explanation-3: -A general partnership is a business arrangement by which two or more individuals agree to share responsibilities, assets, profits, and financial and legal liabilities of a jointly-owned business. In a general partnership, partners agree to be personally responsible for potentially unlimited liability.
Detailed explanation-4: -The name of the partnership. The partnership’s goals. How the partnership will operate, such as an LLC or a corporation. The partners’ names and addresses. How partners participate in decision-making, such as how to decide whether to hire employees. The partners’ responsibilities. More items •22-Feb-2023