Chapter 12, Problem 7BTN

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio. A partnership may be a general partnership or a limited partnership.

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

2)

To determine

To identify: The Advantages of forming a general partnership

3)

To determine

To identify: The Disadvantages of forming a general partnership