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WorksheetsBusiness Structure Partnership
Total questions: 15
Worksheet time: 17mins
-Two or more owners
-Lower taxes
-Unlimited Liability
Partnership
Sole Proprietorship
Corporation
All of the above
What type of paperwork is needed for a Partnership?
Business License
Partnership Agreement
Corporate Charter
Franchise Agreement
Which of the following is a disadvantage of setting up a business as a partnership?
Shared losses
Shared workload
Shared profit
More ideas generated
list two disadvantages of partnership (REM)
(I) partners might not all contribute equal
(ii) partnership has unlimited liability
(i) cash flow is often a problem
(ii) there could be a lack of capital and cash flow
(i) limited amount of capital available
(ii) ineffective services
When one person has full responsibility and the other is “silent partner” it is a:
General Partnership (GP)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
it is not a partnership
How many partners are there in a typical partnership?
2
2-4
2-20
1
More owners means more disagreements for what type of structure?
Public Limited
Partnerships
Private Limited
Sole Trader
_______________is a legal term for being held accountable
Liability
Assets
Bankruptcy
Claim
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partnership
Corporation
Limited liability company
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
Sole Proprietorship
Partnership
Corporation
Limited liability company
Owners of a _____________________ are personally liable for the company's actions and debts.
Franchise
Sole proprietorship
Partnership
Corporation
How is a general partnership organised?
Every partner shares equally in both responsibility and liability
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
No partner is responsible for the debts of the partnership beyond his or her investment
Only one partner is responsible for the debts of the partnership
