Week 11 - Partnerships Flashcards
1
Q
What does a partnership involve?
A
Two or more people coming together to establish a business
2
Q
What are the three types of partnership?
A
- simple
- limited
- limited liability partnership
3
Q
What can partners do?
A
Partners generally have the right to participate in the management of the firm and may bind the partnership through the exercise of actual or apparent authority
