Nature of Partnerships Flashcards
1
Q
A general partnership definition
A
2 or more partners to carry on a business as co-owners for profit
2
Q
A general partnership
A
is not a taxable entity
3
Q
Executions of a written articles of partnership
A
Is not required to create a partnership.
4
Q
A partnership agreement
A
may be oral or in writing
5
Q
Third parties may
A
hold each partner personally liable despite partnership agreement to split liabilities
6
Q
A silent partner in a general partnership
A
does not manage the partnership BUT still has unliminted liability
