Partnership Flashcards
1
Q
Number of owners
A
2-20
2
Q
Liability of Owners
A
Unlimited
3
Q
Distribution of profits
A
Shared between owners
4
Q
Transfer of ownership
A
No
5
Q
Separate legal entity
A
No
6
Q
Continuity of existance
A
No
7
Q
Ability to raise capital from the public
A
No
8
Q
Regulations
A
- Business Names Act
- Partnership Act
- GST Laws
9
Q
Advantages
A
- Ease of formation
- Limited rules and regulations
- Provision of capital and expertise
- possibility of reduced income tax
- shared workload and risk
10
Q
Disadvantages
A
- Limited Life
- Unlimited Liability
- Mutual Agency
- Sharing of profits
