Partnership

A partnership has between 2 and 20 ______________.

• employees

• shareholders

• owners

• customers

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

• 2

• 10

• 4

• 20

The maximum number of members in a Partnership is ____.

• 10

• 20

• 50

• Unlimited

In partnership, partners liabilities are

• Limited

• Unlimited

• Limited to the capital invested

• Limited to the amount mentioned

Unlimited liability means

• the business is closed down because of too much debt

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

• the bank will refuse to give loans to the business

• the business will struggle to attract investors

Which of the businesses has unlimited liability?

• Sole Trader

• Partnership

• Both

• None

Which is not a feature of a partnership business?

• Easy Formation

• Mutual Agency

• Limited Liability

• Two or more person

What is the partnership written agreement known as?

• Partnership Contract

• Partnership Act

• Agreement

• Partnership Deed

Which of the following is NOT included in a Deed of Partnership?

• 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

Which of the following listed would be an example of a partnership?

• the fire service

• lawyer's office

• local councils

• supermarkets