WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Two or more people owned the business.
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Sells shares to make money.
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Either A or B
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None of the above
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Detailed explanation-1: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.
Detailed explanation-2: -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-3: -A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business. Publication 541, Partnerships, has information on how to: Form a partnership. Make partnership distributions.
Detailed explanation-4: -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.
Detailed explanation-5: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).