Discuss the liabilities of a partner in a partnership. What is your opinion on these liabilities
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Discuss the liabilities of a partner in a partnership .
What is your opinion on these liabilities?
Step by step
Solved in 2 steps
- Suppose a partnership is set up and operated without a formal partnership agreement. What problems might arise? ExplainIn the event of bankruptcy, which partners would most likely to spend more money to settle the business liabilities? A)Silent partners B)Limited partners C)Industrial partners D)General partnersUnder what conditions would you consider joining a partnership, Why would you avoid becoming a partner?
- What is a partnership? Outline the legal issues involved in the formation of a partnership. In your answer, discuss the issues that partners should consider in drafting the partnership agreement.Which of the following statements is correct in relation to limited partners? Select one: a. Their liability is limited to the capital they have agreed to invest in the partnership b. They have no liability for partnership debts c. They have full liability for partnership debts.how is a limited partnership transferred or sold and how the ownership interests would be handled?