
Concept Introduction:
General Partnership: A general partnership is an unlimited liability partnership, under which each partner’s liability is unlimited and each partner is liable for any amount of contribution or liability required to be paid for the business of the partnership firm.
Requirement-1
To identify: The terms and conditions to be included in a general partnership contract
Requirement-2
To identify: The Advantages of forming a general partnership
Requirement-3
To identify: The Disadvantages of forming a general partnership

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Chapter 12 Solutions
Loose Leaf for Fundamental Accounting Principles
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