Understanding Partnerships in Business

What is a partnership in business?

What is the main difference between a general partnership and a limited partnership?

What is a partnership agreement, and why is it important?

Name two advantages of forming a partnership.

Name two disadvantages of forming a partnership.

What is the role of a general partner in a partnership?

What is the role of a limited partner in a partnership?

How are profits typically shared in a partnership?

Can a partnership have more than two partners? Explain.

What is meant by 'joint liability' in a partnership?