0
The advantage of a general partnership in business is that an individual does not have to indicate profits and loss on a personal income tax return by themselves; each partner has to indicate these profits and losses. General partnerships are and easy way to start a business, and there is an increased ability to qualify for loans and raise funds.
Wiki User
∙ 9y ago
Wiki User
∙ 8y agosmart
Add your answer:
Earn +20 pts
A general partnership differs from a sole proprietorship because a general partnership is a characteristic by which of the following?
Requires collective decision-making
What characteristic identifies matter?
Matter has mass
Which characteristic identifies brown algae?
Presence of fucoxanthin
Can an llc be a partner in a partnership?
Yes, an LLC can be a partner is a partnership and they often are. In this case, all partners in the general partnership are general partners.
What are the objectives of a partnership?
The Partnership Strategy has identified a number of discrete aims and objectives and identifies specific priorities and activities that the Partnership will undertake to achieve its vision for improving social and economic regeneration.
What partnership requires only one partner to be a general partner?
A partnership that requires only one partner to be a general partner is called a limited partnership. This is a form of partnership.
What is one way a general partnership differs from a limited partnership?
Each partner in a general partnership is fully responsible for all of the business's debts
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 would explain one way that a general partnership differs from a limited partnership?
A general partnership would not be as close knit as the limited partnership. There also would not be as many legal proceedings to go with it.
What is one way that a general partnership differs from a limited partnership?
A general partnership would not be as close knit as the limited partnership. There also would not be as many legal proceedings to go with it.
In a general partnership?
In a general partnership, two or more individuals or entities join together to run a business. All partners have equal rights and responsibilities and share in the profits and losses of the business. Each partner is personally liable for the debts and obligations of the partnership.
Which of the following terms represents a business that is similar to a general partnership, except that in addition to general partners there are one or more limited partners?
limited partnership a+
