Partnership Business Flashcards
1
Q
Who owns the business in a Partnership Business
A
The partners
2
Q
Number of owners in a Partnership Business
A
2-20
3
Q
Who controls the business in a Partnership Business
A
The partners
4
Q
Who finances the business in a Partnership Business
A
The partners
5
Q
What is their liability in a Partnership Business
A
Unlimited liability
6
Q
Who keeps the profit in a Partnership Business
A
Split the profit between them
7
Q
How do they establish the business in a Partnership Business
A
Deed of Partnership(An agreement between people that carry on a business. The agreement between partners may be either oral or written).
