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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

What are the major features of a partnership agreement for a partnership or an operating agreement for a limited liability company?

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

To explain: The major features of a partnership agreement and operating agreement.

Explanation

Partnership agreement is very much essential for the partnership firm, whereas the operating agreement is most important for the LLC. The major features of partnership agreement and operating agreement are as follows:

1. Both the agreements contain the profit and loss sharing ratio among the partners or members...

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