partnership

Question 1

Partnership

Answer 1

A partnership is a type of business structure where 2-20 individuals or entities come together to jointly own and operate a business for profit, and its usually small in size

Question 2

Advantages and of partnership

Answer 2

Advantages

1. Shared Responsibility and Expertise
2. Increased Capital
3. Tax Benefits

disadvantages

1.Unlimited Liability

2.Shared Decision-Making

3,Dependency

Question 3

Types Of Partnerships

Answer 3

Ordinary partner/funding partner -

1. The term “ordinary partner” typically refers to a partner in a general partnership who has full rights, responsibilities, and authority in the management and operation of the business.

Question 4

2. Sleeping/ dormant partner

Answer 4

A sleeping partner, or a silent partner, is a colloquial term for a person who provides some of the capital for a business, but doesn’t take an active part in managing the business.

Question 5

3. Limited liability partner

Answer 5

An LLP is a limited liability partnership where each partner has limited personal liability for the debts or claims of the partnership.

Question 6

4.preffered Partner

Answer 6

A preferred partnership in business usually refers to a contract between a vendor and a retailer