Ch3 Partnerships - AO1 Flashcards
1
Q
Partnership
A
A business owned and run by 2 to 20 people
2
Q
Deed of partnership
A
A legal documents, which sets out the rights and responsibilities of each partner within the business
3
Q
Limited partnership
A
Partnership, where, at least one partner has limited liability.
4
Q
Limited liability
A
Only responsible for the amount originally invested into the business
5
Q
Audits
A
Official examination of a companies financial records
