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Well, when you r very close and love each other very much and you get along.Agree (mostly) and r together for a long perod of time(your whole life time).
Wiki User
∙ 15y ago
An unlimited partnership, also known as a general partnership, is a business structure where two or more partners agree to share equal responsibility, liability, and decision-making authority. This means that each partner is personally liable for the partnership's debts and obligations, and their personal assets may be at risk. Additionally, partners have equal ownership and can participate in the management and operation of the business.
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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
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
How were corporations different from partnership?
They had an unlimited lifespan.apex
Is this true or false The 3 types of partnerships are general partnership unlimited partnership and unlimited liability partnership?
The ones I'm aware of (In the US) are General Partnership, Limited Partnership (LP), Limited Liability Partnership (LLP), and Limited Liability Limited Partnership (LLLP)
What Unlike a limited partnership a general partnership has?
Unlimited liability for all partners.
Unlike a limited partnership a general partnership has what?
Unlimited liability for all partners.
What are some examples of a partnership?
Unlimited joint liability General partnership etc. (There are more)
How do you open partnership in the Philippines?
A Philippine partnership must be registered with SEC.A minimum of 2 partners is required. Partners have unlimited liability.One can setup a limited partnership, the limited partners have limited liability the other partners have unlimited liability.A partnership is taxed like a corporation.
Who should have the unlimited liabilities?
Sole proprietorship Partnership or others
What type of business has the most liability partnership sole proprietorship corporation or limited liability partnership?
The liability of various forms of business are as follows: Partnership: The liability of the partners is joint, several and unlimited. Sole proprietorship: The liability is of the proprietor is unlimited. LLP: The liability is limited by MOA and AOA.
What are the four business organisations?
sole, partnership, franchise and unlimited and limited company
If a partner has authority to act and the partnership is bound by the act each partner has unlimited personal liability for the obligation?
If a partner has authority to act and the partnership is bound by the act, each partner has unlimited personal liability for the obligation
