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What kind of decision making is in a partnership?
Shared decision making?
What do partners share in a business?
Profits and losses
Partnerships allow businesses to combine what two key things?
Skills and resources
In a general partnership, partners have this type of liability.
Unlimited liability
How are profits usually divided if no agreement is written?
Equally among partners
Why might partnerships be easier to start than corporations?
What is a major risk of disagreements in partnerships?
Business conflict or failure
Who manages a general partnership?
All partners
What skills is most important to avoid conflict in a partnership?
If a partner is sued for business debts, what personal assests may be at risk in a general partnership?
All personal assets
What is it called when partners divide responsibilities?
Division of duties
The partnership may dissolve
What is a partnership?
A business organization owned by 2 or more people who agree on a specific division of the company's responsibilities and profits.
What document outlines rules, roles, and profit sharing in a partnership?
Partnership Agreement
How many people are required to form a general partnership?
At least two or more people