Partnerships Partnerships and Partnerships

A partnership is a business that is owned by how many people?

• 2 or more

• One

• No one

• Shareholders

A limited partnership has a silent partner who will fund the business but not play a role in management.

• True

• False

What is an "article of partnership" document?

• A contract between partners in a business

• Uniform employees where to work

• Paperwork needed for a wedding 

• None of these

TRUE OR FALSE: In a partnership, you are responsible not only for your actions but also the actions of your partners in the business.

• true…there is still unlimited liability

• False

With more people having a say in the business, what can occur when deciding how the business should be run?

• Conflicts/Disagreements/Arguments

• Nothing, everything will always be perfect