General partnership is an agreement between two or more persons to share the resources, profits, assets as well as liabilities of the business in a firm. A general partnership has limited liability. Limited liability Company is a legal entity where the members of the company are legally indebted only to the extent the amount they have invested as a capital in the company. To Identify: If the character describes a general partnership (GP), Limited liability company (LLC), both or neither.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1E

To determine

Concept Introduction:

General partnership is an agreement between two or more persons to share the resources, profits, assets as well as liabilities of the business in a firm. A general partnership has limited liability.

Limited liability Company is a legal entity where the members of the company are legally indebted only to the extent the amount they have invested as a capital in the company.

To Identify:

If the character describes a general partnership (GP), Limited liability company (LLC), both or neither.

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Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1E

To determine

Concept Introduction:

General partnership is an agreement between two or more persons to share the resources, profits, assets as well as liabilities of the business in a firm. A general partnership has limited liability.

Limited liability Company is a legal entity where the members of the company are legally indebted only to the extent the amount they have invested as a capital in the company.

To Identify:

If the character describes a general partnership (GP), Limited liability company (LLC), both or neither.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1E

To determine

Concept Introduction:

General partnership is an agreement between two or more persons to share the resources, profits, assets as well as liabilities of the business in a firm. A general partnership has limited liability.

Limited liability Company is a legal entity where the members of the company are legally indebted only to the extent the amount they have invested as a capital in the company.

To Identify:

If the character describes a general partnership (GP), Limited liability company (LLC), both or neither.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1E

To determine