Sectors of Economy - Partnerships

Which sector of economy would you find the partnership type of organisation?

• Private

• Public

• Third

• Tertiary

• Primary

What is the minimum number of partners in a partnership?

• 2

• 10

• 20

What is the maximum number of partners in a partnership?

• 20

• 25

• 30

What is the name of the legal contract new partners should have created?

• Deed of Partnership

• Contract of Partnership

• Legal Partnership

• Memorandum Partnership

What type of organisations below are often created as a partnership? More than one answer may be correct!

• Lawyers

• Dentists

• Painter and decorators

• Accountants

Partners in a partnership have limited liability.

• True

• False

An advantage of being in a partnership is that you can share the workload and responsibilities.

• True

• False

An advantage of being in a partnership is that you must share the profits between all partners.

• True

• False

An advantage of being in a partnership is that you can take on additional partners to bring in more equity (finance).

• True

• False

A disadvantage of being in a partnership is that it must be dissolved if a partner wants to leave or dies.

• True

• False