Characteristics of Partnerships
The abbreviation for limited liability partnership
What is LLP
Complete the phrase
"Partnerships are easy to establish and are subject to few government ______"
What are regulations
What are partnerships
Some people solve lack of resources or skills by forming partnerships, but others choose another form of business known as
What is a franchise
In a general partnership of three partners that gains $150,000, each partner gets how much money
What is $50,000
The most common type of partnership
What is General Partnership
What is the Uniform Partnership Act
All partnerships, however, have the potential for this
What is conflict
An owner within a franchise is a
In a limited partnership of two general partners and one limited partner that profits $150,000, how much would each general partner receive
What is $75,000
A partnership is
What is a business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
What are the articles of partnership
This partnership has less disadvantages
What are limited liability partnerships (LLP)
Franchises come with a
In a limited partnership of one general partner and two limited partners that profits $150,000, how much would the general partner receive
What is $150,000
This percentage of businesses account for partnerships
What is nearly 10%
In a partnership, more than one person contributes to this, or money and other valuables
What are assets
True or False
If a partner dies or decides to leave, the partnership might cease to exist unless the articles of partnership state that the business cannot continue and the remaining partner or partners do not have the needed resources
What is false
A business franchise is
What is a semi-independent business that pays fees to a parent company
In a limited partnership of five general partners and zero limited partners that profits $150,000, how much would each general partner receive
What is $30,000
The three types of partnerships
What is general, limited, and limited liability partnerships.
Complete the phrase
"In a successful partnership, each partners bring different ______ and ______ to the business"
What are strengths and skills
Partners need to ensure that they agree on these four things
What are work habits, management style, ethics, and general business philosophies
The biggest disadvantage of a franchise is that the owner must sacrifice what
What is freedom
In a partnership of eight general partners and twenty limited partners that profits $240,000, how much would each general partner receive