Partnership

Front

A partnership has between 2 and 20 ______________.

Back

owners

Front

To start a partnership business, what should be the minimum number of partners?

Back

2

Front

The maximum number of members in a Partnership is ____.

Back

20

Front

In partnership, partners liabilities are

Back

Unlimited

Front

Unlimited liability means

Back

the owners' personal possessions can be used to cover the firm's debts

Front

Which of the businesses has unlimited liability? Options: Sole Trader, Partnership, Both, None

Back

Both

Front

Which is not a feature of a partnership business? Easy Formation, Mutual Agency, Limited Liability, Two or more person

Back

Limited Liability

Front

What is the partnership written agreement known as?

Back

Partnership Deed

Front

Which of the following is NOT included in a Deed of Partnership? Options: How the profit is to be split between the partners, The name of the partnership's accountant, The responsibilities of each partner, The date the partnership started up

Back

The name of the partnership's accountant

Front

Which of the following listed would be an example of a partnership? the fire service, lawyer's office, local councils, supermarkets

Back

lawyer's office