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What are the different classification of Partners as to liability.?
Wiki User
∙ 11y ago
General partners have unlimited liability. Limited partners are only on the hook for their investment in the business or the unpaid part of the investment.
Wiki User
∙ 11y ago
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Features of limited partnership?
limited partnership has two partners with different liability;general partners and limited partners.
What is a partnership in which partner share equally in both responsibility and liability?
A general partnership is one which partners share equally in both responsibility and liability. This is different from the limited liability partnership.
What are the classification of liability?
two classification of libilieties
What are the 2 classification of liability?
two classification of libilieties
Does joint liability extend to all partners?
It extends to all general partners, but not to limited partners.
What form of partnership allows some of the investors to limit their liability?
A special form of partnership, called a Limited Liability Partnership, can be utilized. under this arrangement, one or more partners are designated general partners and have unlimited liability for the debts of the firm; other partners are designated limited partners and are liable only for their initial contribution.
What is unearned commission account classification?
liability
What are the characteristics of a partnership?
If the partnership is a general partnership, all partners assume unlimited liability. However, if the partnership is a limited partnership, one or more of the partners assumes unlimited liability
In a limited partnership who carries most of the liability?
General partners
What is the classification of mortgage in accounting?
non current liability
What is general liability classification code 12362?
90504
What are the characteristics of a business partnership?
If the partnership is a general partnership, all partners assume unlimited liability. However, if the partnership is a limited partnership, one or more of the partners assumes unlimited liability
