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Partnership Types
Partnership Characteristics
Partnership Advantages/ Disadvantages
Partnership Dissolution
Partnership Agreement
100
All partners are subject to unlimited personal liability for any legal actions and debits.
What is a general partnership?
100
Partnership's are not subject to these type of taxes.
What is federal income tax?
100
More capital may be raised because resources are combined.
What is an advantage of a partnership?
100
When an individual purchases an interest directly from existing partners.
What is a reason for a new partnership to form?
100
A written agreement containing the various provisions for operating a partnership.
What is a partnership agreement?
200
This partnership must have at least one general partner with the rights and responsibilities of partners in a general partnership.
What is a limited partnership?
200
Partners are taxed on their share of net income.
What is the partners taxable income?
200
Unlimited liability of the general partnership form of ownership.
What is a disadvantage of a partnership?
200
When the assets are sold, liabilities are paid, and the remaining cash and assets are distributed to the partners.
What is a liquidation of a partnership?
200
This usually comes at the end of the partnership agreement.
What is signatures of the partners?
300
All partners actively participate in the operation and management of the partnership.
What is a general partner?
300
A partnership that a limited life.
What is the life span of a partnership?
300
The interest of the partner in the partnership can not be transferred without consent of the other partners.
What is a disadvantage of a partnership?
300
A partner may retire.
What is a reason for a withdrawal of a partner?
300
Salary allowance to partner.
What is the guaranteed salary of a partner?
400
These partners do not participate in the management of the business.
What is a limited partner?
400
Assets held by a partnership are co-owned by all partners.
Who owns the assets of a partnership?
400
Credit maybe improved because each general partner is personally liable for partnership debit.
What is an advantage of a partnership?
400
Bankruptcy.
What is a reason for the dissolution of a partnership?
400
Usually expressed in a percentage.
What is the basis on which profits or losses are to be shared by the partners?
500
These partners are personally liable for their own actions and the actions of those they supervise.
What is a limited liability partner?
500
There is no limit but you must at least have two individuals.
What is number of partners a partnership can have?
500
Mutual agency in a partnership.
What is a disadvantage of a partnership?
500
A new partnership agreement must be prepared to replace the original agreement.
What is anytime the original partnership agreement is altered?
500
Each partner is listed by name and what they contributed to the partnership.
What is the investment of each partner?